Ironwood Funding, an operator in underwriting and financing the purchase of non-performing consumer loans, secured an additional $40 million credit facility from funds and co-investment vehicles managed by Medalist Partners, a private credit and special opportunities investment manager based in New York.
Ironwood will leverage the capital to expand its consumer charge-off program, focused on areas including charged-off credit card receivables, installment loans, auto loans, private label credit cards, fintech loans and other specialty debt instruments. Ironwood, led by managing directors Todd Gough and Rodney Madden, is an operator in the space with more than $3.1 billion in purchased loan receivables since 1999. The latest funding builds on an existing partnership between Ironwood and Medalist Partners dating back to 2019.
“With this latest funding from Medalist and their co-investment partners, Ironwood is prepared for continued growth at a time when our market is poised to see unprecedented opportunities,” Gough said. “As an existing partner, we’ve found Medalist to be strategic and relationship-oriented. We’re thrilled to expand our partnership and look forward to the exciting opportunities ahead.”
“We believe Ironwood is ideally positioned as the rapid expansion of consumer credit in recent years coupled with the recent events around COVID-19 make it likely we will see significantly higher supply of charged-off receivables. That in turn creates a more favorable environment for experienced operators with capital to deploy,” Michael Ardisson, president and chief operating officer at Medalist Partners, said. “We’re excited to expand our relationship with the highly talented team at Ironwood and continue to build upon our success together in the future.”
Headquartered in New York, Medalist Partners is a privately held, SEC-registered alternative investment manager.
