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Finitive announces $100 million finance support for Platinum Auto for refinancing.
FREMONT, CA: Finitive, a fintech platform providing institutional investors with direct access to alternative lending investments, has announced the closing of $100 million to its client, Platinum Auto of Tampa Bay. The facility that includes a provision to expand to $150 million, provided by an investment fund managed by an affiliate of Fortress Investment Group.
Platinum will be using the fund to refinance existing debts, fund new originations, and acquire secondary portfolios from auto lenders. Along with this transaction, Platinum has also gained a $15 million term loan from New York-based fund to support its operating and working capital needs reported Finitive.
Fortress Investment Group, an investment management firm based in New York, led the value of approximately $40 billion assets under management as of March 31, this year. The firm covers over more than 1,750 institutional clients and private investors’ worldwide across a range of credit and real estate investment strategies.
“With the assistance from Finitive platform, we were able to efficiently identify several potential financing sources, resulting in satisfying needs across our capital structure,” stated Michael Kaplanis, CEO of Platinum.
These two credit facilities have substantially expanded our financial capacity and flexibility which will fuel our growth going forward, added the CEO.
Hailing from Clearwater, Florida, Platinum Auto Finance purchases auto loans from a grid of over 300 dealers in the southeast. Inception from 2012, Platinum has purchased over $140 million of loans through the core point of sale strategy as well as bulk portfolio purchases.