Capital One has provided an asset-backed warehouse facility for Avid Acceptance. The facility was established to provide additional liquidity to support the company’s short-term and long-term growth strategies and diversify the company’s funding model. The facility offers competitive pricing that will directly reduce the company’s interest expense and expand its banking relationships.
“This new Capital One credit facility, combined with the recently formed facility arranged by JPMorgan Chase Bank, further strengthens our diverse funding strategy,” said Curtis Ash, the company’s chief financial officer. “We’re pleased to forge this new relationship with Capital One and broaden our banking partnerships.”