LendCare Announces New $85 Million Financing Facility
TORONTO, November 12, 2020 – LendCare Capital, a leading Canadian point-of-sale finance and technology company, announced today it has secured a new $85 million (CAD) financing facility from a leading international financial services company. This new facility will be in addition to the company’s existing senior and supplemental facilities, providing LendCare with a total funding capacity of over $600 million (CAD) to support their existing portfolio and anticipated originations over the next 12 months.
“We welcome this new strategic lending relationship to our existing and diversified stable of lenders. Through this increase in funding capacity, along with FrontLine, our proprietary online financing technology, we stand well-positioned to execute on our goals for the next year.” said Ali Metel, CEO, LendCare Capital.
Earlier this year the company launched their proprietary online financing technology, FrontLine, which features instant credit decisions and multi-device access to loan applications, fortifying LendCare’s position as an industry leader in the full credit spectrum POS financing sector. FrontLine is a single technology, integrated with a single lender to address financing needs from Prime to all the non-Prime credit grades.
About LendCare Capital
LendCare is a Canadian consumer finance and technology company, which enables over 6000 businesses to increase their revenue by providing full credit spectrum financing at the point-of-sale. For over a decade, LendCare has cleared a path to providing fast, reliable and affordable financing options for the Powersports, Auto, Retail, Home Improvement and Health sectors, while processing over $5 billion in loan applications to date. With a dedicated team of finance experts and well-established partnerships with merchants, top dealerships and brokers, LendCare bridges the gap between credit score and customers living their best life.
Jackie Bain, Head of Marketing
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Related links: www.lendcare.ca