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Fortress Group Renews $100MM Credit Facility for Consumer Portfolio Services

April 19, 2017, 07:15 AM
Filed Under: Lender Finance

Consumer Portfolio Services, Inc. announced that on April 17, 2017 it renewed its two-year revolving credit agreement with the Fortress group of companies.

Loans under the renewed credit agreement will be secured by automobile receivables that CPS now holds, will originate directly, or will purchase from dealers in the future. CPS may borrow on a revolving basis through April 17, 2019, after which CPS will have the option to repay the outstanding loans in full or to allow them to amortize through April 17, 2021.

"We are pleased for this opportunity to continue to do business with Fortress, with whom we have enjoyed a long and mutually beneficial relationship," said Charles E. Bradley, Jr., President and Chief Executive Officer.  "With this renewal we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods."

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