LOS ANGELES —Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, has announced the acquisition of a $12.4 million bulk portfolio from Blackhawk Financial, based out of Chicago, on March 19.
Blackhawk Financial is an auto finance company operating out of seven states, mostly in the Midwest. The portfolio included 3,044 loans with short terms and low LTVs. This puts ALPS at a 200% year-over-year increase in production.
“This acquisition will make an immediate impact on the ALPS division as a whole,” said Todd Laruffa, director of ALPS. “Most importantly, given the short remaining terms on these accounts, ALPS will be able to recognize the majority of the portfolio’s revenue in 2015.”
Westlake Financial Services’ ALPS division specializes in loan portfolio acquisitions from buy-here, pay-here (BHPH) dealerships and finance companies. A bulk portfolio transaction is commonly used in the BHPH industry as a primary method of generating operating capital. Westlake ALPS also offers revolving credit lines specifically designed for dealers and auto lenders.
“We are proud to offer ALPS’ services to dealers looking for additional capital,” said Ian Anderson, group president of Westlake Financial Services. “Todd Laruffa and the team have done a great job by acquiring a portfolio of this size, which has significantly added to the growth of our business. I foresee a monumental increase in terms of production and assets for ALPS.”