Consumer Portfolio Services (CPS) renewed its two-year revolving credit agreement with Fortress.
Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds, will originate directly or will purchase from dealers in the future.
CPS may borrow on a revolving basis through February 22, 2021, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize for a two-year period.
“We are pleased for this opportunity to continue to do business with Fortress, with whom we have enjoyed a long and mutually beneficial relationship,” said Charles E. Bradley, Jr., CPS president and CEO. “With this renewal we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods.”
