Financeit and Concentra renew $100M facility

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By CPE News

Toronto (pcJ News Briefs) – Financeit, a point-of-sale financing provider servicing the home improvement, vehicle and retail industries, has renewed the $100 million funding facility for 2107 with Concentra. The renewal follows the companies’ joint purchase of TD Bank Group’s indirect home improvement financing business in September 2016.

“Our funding partnership with Concentra was a very important part of our success in 2016, allowing us to take part in a major acquisition that has considerably expanded our merchant base and increased our funded loan volume,” said Michael Garrity, CEO, Financeit. “The renewal of a major $100M facility with them for 2017 is another step forward in this meaningful collaboration.”

“We’re pleased to continue our relationship with Financeit,” commented Dallas Marce, Executive Vice-President, Wholesale Banking, Concentra. “It aligns with our business strategy to diversify our wholesale business and develop new solutions for credit unions, while building on our expertise as a funder of alternative consumer assets.”

The renewed relationship is structured as a win-win for the two partners. For Financeit, the additional lending capital will enable the company to continue to provide merchant partners with innovative and competitive programs that help them grow their sales. For Concentra, the funding facility strengthens its consumer lending portfolio and furthers its mandate to develop enhanced investment options for credit unions.

photo credit: Financeit