Up to $85 MM in combined loan purchase and warehouse capacity provided to support Financeit's expanding consumer financing program.
TORONTO, June 8, 2017 /CNW/ - Financeit, a market leading point-of-sale financing provider, has closed a $75 million renewable securitization facility and a $10 million warehouse facility with a major Canadian life insurance company.
With the addition of this underwriting capacity, the company is well positioned to execute on its growth strategy over the coming year.
"We have a history of managing successful securitization programs, and we're thrilled to be launching this new partnership," said Casper Wong, COO of Financeit. "We see this as the natural evolution of our growth and a major milestone. The company is a known leader in this space and we're proud to be working with them."
Financeit has a nationwide footprint in the home improvement financing industry, and with the acquisition of TD Bank Group's home improvement financing assets last year, they have reinforced their position as a market leader.
Financeit is a market leading point-of-sale financing provider servicing the home improvement, vehicle and retail industries. Financeit's innovative cloud-based technology makes it easy for merchants to increase close rates and transaction sizes with affordable monthly or bi-weekly payment plans. The Financeit platform features a fast, transparent application process and has serviced over 6,000 merchant partners across Canada, processing more than $1.8 billion in loan applications.
SOURCE FinanceIt Canada Inc.
For further information: Financeit Media Contact: Amanda Lao, Sr. PR & Communications Manager, [email protected], 1 888 536 3025 Ext: 111