Platinum Auto Secures $100 Million Credit Facility from Fortress through Finitive Platform

July 8, 2019

NEW YORK, July 8th, 2019 - Finitive (www.finitive.com), a financial technology platform providing institutional investors with direct access to alternative lending investments, announced today the closing of a $100 million senior secured warehouse line of credit for its client, Platinum Auto of Tampa Bay (www.platinumautofinance.com). The facility, which includes an accordion to expand to $150 million, was provided by investment funds managed by an affiliate of Fortress Investment Group LLC, an investment manager with approximately $40 billion of assets under management as of March 31, 2019.

The facility will be used by Platinum to refinance existing debt, fund new originations, and acquire secondary portfolios from other auto lenders. In conjunction with the transaction, Platinum also secured a $15 million term loan from a New York-based fund to support its operating and working capital needs.

"Through the Finitive platform we were able to efficiently identify several potential financing sources and satisfy needs across our capital structure," said Michael Kaplanis, CEO of Platinum. "These two credit facilities have substantially expanded our financial capacity and flexibility which will fuel our growth going forward."

Platinum, headquartered in Clearwater, Florida, purchases auto loan contracts from a network of over 300 auto dealers in the southeast region of the United States. Since its founding in 2012, Platinum has purchased over $140 million of auto loans through its core point of sale strategy, as well as bulk portfolio purchases.


About Finitive
Finitive is a financial technology platform providing institutional investors with direct access to alternative lending investments. Through Finitive, institutional investors access a multi-trillion-dollar market that encompasses a broad spectrum of non-bank lending sectors, including specialty finance, online lending, marketplace lending, and private credit funds. Finitive's originator partners gain efficient access to a global network of investors who are actively allocating to alternative lending. All regulated activities are conducted through North Capital Private Securities, a registered broker-dealer and member FINRA/SIPC. For additional information, please visit Finitive's website at www.finitive.com.


Media Inquiries:
press@finitive.com

RElated Posts

News
A Message to Our Network on Recent Market Events

News
Finitive Facilitates $80 Million Senior Debt Facility

Contact Us
745 5th Avenue
Suite 500
New York, NY 10151
info@finitive.com
© 2023 Finitive LLC. All rights reserved. Terms, conditions, features, availability, fees, service and support options subject to change without notice. This site is operated by Finitive LLC (the “Company”), which is not a registered broker-dealer. The Company does not give investment advice, endorsement, analysis or recommendations with respect to any securities. All securities posted on this site are being offered by the applicable issuer of such securities (the “Issuer”), and all information included on this site with respect to such securities is the responsibility of the Issuer. Company has not taken steps to verify the adequacy, accuracy, or completeness of the information. Neither Company nor any of its members, officers, directors, agents and employees makes any warranty, express or implied, of any kind related to the adequacy, accuracy or completeness of any information on this site or the use of information on this site. Securities are offered through Finalis Securities LLC Member FINRA / SIPC. Finitive LLC is not a registered broker-dealer, and Finalis Securities LLC and Finitive LLC are separate, unaffiliated entities. Finalis Privacy Policy | Finalis Business Continuity Plan | FINRA BrokerCheck. www.finitive.com (the “Finitive Website") is a website operated by Finitive LLC, a privately held Delaware limited liability company. Finitive LLC does not make investment recommendations and no communication, through this website or in any other medium should be construed as a recommendation for any security offered on or off this investment platform. This website is intended solely for qualified investors. Private investments are highly illiquid and risky and are not suitable for all investors. The investments described herein may be highly illiquid and investors should be prepared to hold such investments indefinitely or otherwise to maturity. By using this website, you agree to the terms described in our Terms of Use and Privacy Policy. Investors pay no fees to Finitive LLC to register; fees are paid by borrowers.