DES MOINES, Iowa — Wells Fargo Preferred Capital, a subsidiary of Wells Fargo & Company, has provided a $12 million revolving credit facility to K STReet Finance Inc.
Wells Fargo Preferred Capital is a specialized lender that provides senior-secured credit facilities — or lines of credit — and other comprehensive capital products to meet the financing needs of consumer and auto finance companies.
K STReet Finance, dba Mullen Finance Plan, headquartered in Santa Ana, California, is an indirect auto finance lender serving a select group of used car dealers in southern California. K STReet’s management team has roots that date back to 1972 as a regional auto lender serving used-car dealers in Orange, Los Angeles and San Diego counties.
“The strong management group at K STReet coupled with their deep auto experience is their formula for success and a testament of companies that continue to evolve and emerge during periods of change,” said Tom Murphy, president of Wells Fargo Preferred Capital.
“From the beginning of the process to the end, we felt that Wells Fargo Preferred Capital fully understood our industry and most importantly, our company. Wells Fargo has the right corporate culture and stable leadership to grow with us and meet our expansion needs,” added George Hurley, president of K STReet Finance.