Monroe Capital, on behalf of its investment funds, has established a partnership with Source One Financial Services, LLC (“Source One”) to originate and purchase consumer recreational vehicle (“RV”) and marine loans. The initial pool is expected to be $250 million. Monroe has secured a revolving credit facility with Canadian Imperial Bank of Commerce to finance such origination and purchase. The capital provided by the Monroe partnership will allow Source One to continue to drive origination growth in high quality consumer RV and marine loans. Source One will originate and service the loans.

Source One, a subsidiary of ECN Capital Corp., is a leading financial services provider in the RV and marine financing industry in the U.S. and has been operating since 1999. Source One maintains an expansive network of RV and marine dealer relationships across the U.S. ECN, through its subsidiaries, manages over $1.3 billion in its RV and marine segment.

“Source One is a proven partner with extensive underwriting capabilities and experience. This investment directly highlights Monroe’s asset-backed finance expertise and our ability to source unique and high-quality specialty finance transactions,” said Kyle Asher, Co-Head, Alternative Credit Solutions, Monroe Capital.

“We are excited by our partnership with Monroe Capital providing and managing high quality consumer RV and marine loans,” said Steve Hudson, CEO of ECN Capital. “With this partnership, we continue to execute on our strategy to diversify and expand funding for Source One assets.”