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Crystal Financial Provides $45MM Credit Facility to CARite Holdings

January 11, 2018, 07:09 AM
Filed Under: Automotive

Crystal Financial LLC announced the completion of a $45.0 million Senior Credit Facility for CARite Holdings, LLC (CARit”). Headquartered in Madison Heights, MI, the company sells and leases previously owned vehicles through their network of owned and partnered CARite locations.  Through Brite Financial Services, LLC they provide access to lease financing options for consumers with limited or poor credit history.    

Proceeds from this facility will be used to refinance existing debt and to fund lease portfolio growth.

“At CARite we are focused on making the car purchasing process a better experience through great selection, transparent pricing and multiple financing options.  At this important juncture in our Company’s history, it was critical that our first institutional debt capital partner understand our business and our goals.  Crystal’s extensive underwriting expertise in the specialty finance sector in addition to their creative structuring approach set them apart as we considered various options.  Finally, the inclusion of a delayed draw facility as part of the overall commitment will allow us to continue to expand our lease financing business with certainty. ” said John Neary, CEO, CARite

Steven A. Migliero, Jr, Co-CEO of Crystal Financial said, “John and his team have done a tremendous job building an organization that delivers a very strong consumer value proposition.  We are excited to help facilitate their future growth and continued success.”  

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