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FLOCK Specialty Finance Funds RSG With $10MM for Purchase of Delinquent Tax Liens

August 31, 2015, 07:39 AM
Filed Under: Consumer Finance
Related: Distressed Debt

FLOCK Specialty Finance is a leading specialty finance company that provides capital for businesses in the subprime consumer finance markets as well as for debt buyers of distressed and subprime consumer credit obligations. The announced agreement will allow Resolutions Services Group (RSG) to continue its entry and growth in the tax lien acquisition industry.

The securitized joint venture agreement provides RSG with a $10 million funding capability. This financing will allow RSG to continue purchasing real estate delinquent tax liens and deeds in current government municipalities and also expand into new states. The company was founded to purchase liens and deeds in Georgia, and has formed Redevelopment Solutions, LLC, a subsidiary company to purchase liens in Maryland and the District of Columbia. Capabilities are presently being developed to enter new state markets in the southeast.

“Acquiring tax liens requires flexible funding that has to be available at the time of purchase. FLOCK not only provides on time funding, but there is also a collaborative effort that helps with running the business” said Rich Munroe, Managing Partner of RSG. “They have the expertise to help me grow the business. You do not find this with most capital providers.”

“Using his decades of knowledge and experience in the debt buying industry, Rich Munroe has successfully entered into a new asset class for his business. He has put together a strategy and capabilities that have positioned him to diversify and grow.” said Michael Flock, Chairman & CEO of FLOCK. “We are very excited about using our capital and expertise to help RSG achieve their growth plans.”

FLOCK is dedicated to alternative investing in a variety of specialty finance segments. The focus is on businesses that have been under-served by traditional financial services.

RSG was founded in 2013 to purchase delinquent real estate tax liens in the state of Georgia. Redevelopment Solutions, LLC of Maryland was founded in 2014 to purchase delinquent real estate tax liens in Maryland and the District of Columbia.

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