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The PrivateBank Provides $10MM to Security Alarm Financing Firm

August 18, 2017, 08:00 AM
Filed Under: Lender Finance

Alarm Financial Services (AFS) has secured a new $10 million credit facility with The PrivateBank.

AFS provides a range of financing services to small- and medium-sized security alarm companies throughout the United States. These programs include the purchase of alarm monitoring accounts as well as loans using alarm monitoring recurring monthly revenue (RMR) as collateral.

The new credit facility is specifically focused on growing the loan portion of AFS’ business, according to AFS President Jim Wooster Jr.

“We are very pleased to be entering into this new relationship with The PrivateBank. Our financing business continues to perform well and the demand for these services remains high, so we are positioning ourselves for continued growth,” Wooster said. He added that he was attracted to The PrivateBank because of its willingness to work with the company in constructing a credit facility to meet its specific needs.

“Their creative approach will be invaluable in helping us expand our offerings,” Wooster said.

The PrivateBank provides middle market commercial banking, personal and small business banking, and private banking and investment management services. In June, the organization became an indirect, wholly owned subsidiary of CIBC, which is based in Toronto.

“AFS’s deep knowledge of the industry and long-term experience means Jim and his team understand the unique challenges that face alarm dealers as they look to grow their RMR base,” says Mark Melendes, head of The PrivateBank Security Industry Group. “We are pleased to provide financing to AFS as it grows its loan portfolio.”

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