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Business Capital Provides $20MM Funding for Sub-Prime Auto Finance Company

April 27, 2021, 07:15 AM
Filed Under: Lender Finance

BizCap® (Business Capital since 2002) structured and secured a $20 million Re-Discount Line of Credit for Consumer Mortgage Company (CMC), a provider of subprime financing solutions to automobile dealers and consumers located in the greater Houston Texas Metro area. The new credit facility will allow CMC, family-owned and operated since 1974, to continue growing its portfolio.

“We spent countless hours and more than one year unsuccessfully trying to replace our incumbent bank ourselves, leaving us unable to focus 100% of our attention on business activities and hassling with banks who dismissed us out of hand because of our industry,” said Sean Anderson, President & CEO of CMC. “BizCap took the time to learn our business, ran a highly competitive process, and found us a new financial partner that exceeded our expectations and provided more access to capital at a better cost and structure than we previously had.”

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