Woodforest Commercial Banking, a division of Woodforest National Bank, led a new $60 million senior secured credit facility for Avmont, a private investment fund focused on investing in pools of whole life insurance policies.
The financing includes a $60 million line of credit to support continued growth and asset acquisition opportunities.
Atlanta-based Avmont is an asset manager specializing in purchasing whole-life insurance policies from individuals and managing pools of these assets for third party investors. The company primarily purchases policies from qualified individuals with the goal of providing over-insured individuals a source of liquidity for otherwise illiquid assets which they no longer need.
“Woodforest has developed a strong and ongoing relationship with Avmont management and the private equity ownership group. The team is highly experienced and top notch in its execution and strategic direction. This oversubscribed facility was another positive step forward between our teams,” said John Ellis, senior vice president and head of Woodforest Commercial Banking Syndications.
Woodforest Commercial Banking is a division of Woodforest National Bank that focuses on the needs of middle market companies.
