Monroe Capital, Source One to Originate RV, Marine Loans – RVBusiness – Breaking RV Industry News
CHICAGO – Monroe Capital has announced a partnership with Source One Financial Services to originate and purchase consumer recreational vehicle and marine loans, with an initial pool of around $250m (£187m), according to a report at AlternativeCreditInvestor.com.
Monroe will provide the capital, having secured a revolving credit facility with the Canadian Imperial Bank of Commerce to finance the origination and purchase.
The capital will allow Source One to drive origination growth in high-quality consumer RV and marine loans. It will then originate and service the loans.
“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 creditsSolutions, Monroe Capital.
“With this partnership, we continue to execute on our strategy to diversify and expand funding for Source One assets,” added Steve Hudson, chief executive of ECN Capital, the parent company of Source One.
Click here to see the complete report at AlternativeCreditInvestor.com
