LOS ANGELES – Westlake Financial Services, a full-spectrum indirect auto finance company, closed on May 26 a new $250 million dollar revolving securitization facility with Wells Fargo Securities.
“This latest securitization is another step towards realizing our goal of becoming a programmatic issuer in the market,” says Westlake CFO Paul Kerwin. “Our plan is to issue securitizations this size or larger two to three times per year. Along with our securitizations from last year, we are well on our way to achieving that goal.”
President Ian Anderson says the additional capital will help Westlake achieve its aggressive growth strategy for 2011, which includes increasing the company’s dealer base, financing more customers and doubling its rep force.
“This type of growth is possible with the support of financial partners like Wells Fargo Securities,” Anderson said.
In related news, Westlake also announced an increase to its revolving securitization facility with Wells Fargo Preferred Capital on April 6. The line was increased from $100 million to $200 million dollars. This is in addition to the existing $365 million facility with Wells Fargo Preferred Capital and three other banks.