Wells Fargo provides $100 mln warehouse funding to Pelican Auto Finance - Thomson Reuters' peHUB (press release)
Pelican Auto Finance LLC said Wednesday that it closed a $100 million warehouse funding facility with Wells Fargo Securities LLC . Pelican, a portfolio company of Flexpoint Ford LLC , is a specialty auto finance company. 2, 2015 /PRNewswire/ — Pelican Auto Finance, LLC, a leading specialty auto finance company, announced the closing of a new $100MM warehouse funding facility with Wells Fargo Securities, LLC. The new warehouse funding represents an important milestone in Pelican’s evolution, allowing Pelican to increase penetration with existing dealers and execute on geographic expansion. “This significant financing commitment bolsters Pelican’s plans to be a major, long-term player in the deep sub-prime auto finance space. “Pelican is building a best-in-class sub-prime auto finance platform with a focus on high customer service standards. Pelican Auto Finance, LLC originates, finances, and services deep sub-prime automotive retail installment contracts in 30 states. Operating with offices in San Diego, CA and Chadds Ford, PA, Pelican’s senior management team has over 100+ years in the sub-prime automobile finance space. Pelican Auto Finance, LLC, founded in February 2013 includes all senior management and employees of a predecessor company, Pelican Resource. Source: www.pehub.com
