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Pelican's BHPH Portfolio Purchase Program Heads West

September 22, 2011

CHERRY HILL, N.J. — Pelican Resource Group LLC has launched new bulk and point-of-sales purchase programs, and announced the national expansion of its services with the addition of a new West Coast servicing center.

“The company has been very successful in the Mid-Atlantic States and is continuing to evolve into a national platform,” says Troy Cavallaro, president and CEO of Pelican. “The response from dealers and the investment community has been overwhelmingly positive.”

Steady growth of acquisition and buy-here, pay-here (BHPH) portfolios has fueled Pelican’s growth and expansion of its staff, according to the company. Pelican also acquired a new larger loan servicing facility in San Diego.

“San Diego continues to be a strategically relevant location for forward-thinking consumer lending businesses,” states Joel Kennedy, COO of Pelican. “Our new facility provides needed additional space for servicing personnel as the portfolio continues to expand.”

Pelican is active in 24 states and has plans to further expand into the Central United States, according to the company.

“The Summit program represents a significant advancement in our lending approach and scorecard methodology,” Cavallaro said. “Pelican is now providing dealers with a new and competitive alternative in the deep subprime space on a national level.”

The company also announced the rollout of a new dealer bulk purchase program that provides liquidity and quick funding for dealer owned and managed BHPH portfolios with a minimum of 1 payment of seasoning, according to the company.

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