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Business Capital Arranges $17MM in Working Capital for Sol Acceptance

April 19, 2017, 07:18 AM
Filed Under: Lender Finance

Business Capital has structured and secured a $17 million asset based capital facility for Sol Acceptance, a finance company that has been purchasing automobile loans from approximately 30 dealerships in California since 2014.

The management team has decades of industry experience, specifically working with independent, non-franchise, auto dealers and in providing credit to sub-prime borrowers.

“It was interesting to assist a firm in the financing industry orbit and, at the same time, play a part in providing options for consumers who might not otherwise have access to purchasing an automobile,” said Chuck Doyle, Managing Director of Business Capital.

The company was in need of an increased credit facility to refinance investor debt and to support their plan to grow with the purchase of additional auto loans. Initial perceptions of the sub-prime auto finance sector provided challenges to secure financing at a rate that would both provide a significant discount over their existing facility and additional capital for new expenditures.

Business Capital was retained after being referred by a bank which had to pass on the opportunity, but wanted to provide value to the client. BizCap was able to show why the actual risk of the deal was less than the perceived risk and deliver financing with the structure and speed necessary for the client to move forward with their immediate and long term business goals.

“From the first conversation with Chuck Doyle, I was confident that BizCap would deliver on their commitment to find lenders to “sharpen their pencils” and give real consideration to provide funding to push our business forward,” said Bob Jackson, Director of Sol.  “It became clear early on that BizCap had the right bank in mind for us and we were pleasantly surprised to see the haste in which both moved to make things happen.  Throughout the process, we leaned on the Business Capital team’s experience and input to ensure the terms presented to us were in our best interest.  They were responsive, insightful and our inquires never fell upon deaf ears. They put the right amount of fire under everyone involved to ultimately help us get the exact amount of funding in the timeframe we needed."

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