SALT LAKE CITY — Prestige Financial Services Inc. announced Monday that Comerica Bank will join Wells Fargo Preferred Capital and Bank of America Business Capital as lenders on Prestige’s line of credit. The addition of Comerica will further facilitate the auto finance company’s ongoing consumer lending and loan servicing activities.
The senior secured revolving facility, managed by lead agent Wells Fargo Preferred Capital, is structured to allow additional lenders to participate in syndication, to a maximum principal amount of $300 million.
“Prestige Financial’s parent company, the Larry H. Miller Group, is one of Comerica Bank's valued customers," said Daniel Hartmann, Comerica’s senior vice president for the central region. "This new credit commitment to Prestige enhances our long-term relationship with the Miller Group.”
Now in its 15th year of operations, Prestige provides consumer financing solutions for automobile dealerships both within and outside of the Miller Group, the retailer. Prestige manages $550 million of automobile loans and is recognized throughout the industry for its innovative lending programs and strong portfolio performance.
“We’re seeing tremendous opportunities in the market right now, with strong demand for our product,” notes Bryant Henrie, Prestige’s chief operating officer, “Comerica’s added support will help us to better serve our dealerships and our car-buying customers.”