Business Capital (BizCap) structured and secured a $20 million re-discount line of credit for Consumer Mortgage Company (CMC), a provider of subprime financing solutions to automobile dealers and consumers located in the greater Houston area. The new credit facility will allow CMC, which has been family owned and operated since 1974, to continue growing its portfolio.
“We spent countless hours and more than one year unsuccessfully trying to replace our incumbent bank ourselves, leaving us unable to focus 100% of our attention on business activities and hassling with banks who dismissed us out of hand because of our industry,” Sean Anderson, president and CEO of CMC, said. “BizCap took the time to learn our business, ran a highly competitive process and found us a new financial partner that exceeded our expectations and provided more access to capital at a better cost and structure than we previously had.”
BizCap is a commercial finance and advisory firm specializing in securing non-dilutive credit-based solutions for middle market companies.
