IRVING, Texas – Finance company Exeter Finance Corp. secured a $100 million line of credit with Wells Fargo Bank N.A. The credit facility will provide substantial capital for the growth of Exeter's loan portfolio and enable expansion of its branch network this year.
The bank facility significantly increases the size of Exeter's previous line of credit. The company plans to add staff in order to enter new markets and sign up additional dealers for its finance program. Exeter also plans to continue its successful servicing retained loan sale program to fund supplemental loan production.
"We're proud to be working with such an experienced market leader as Wells Fargo, and establishing the foundation for a long-term partnership,” said Sam Ellis, president and chief executive officer of Exeter. “This debt capital brings Exeter the opportunity to grow significantly.”
Ellis said the transaction is a testament to Exeter employees' execution and determination. "Throughout the recent economic crisis, our team worked extremely hard to build a solid origination and servicing platform. As a result, our systems, controls and scalability gave Wells Fargo the confidence to make this commitment," he said.
Richard Frunzi, Exeter’s chief operating officer, added, “We owe a lot of thanks to our dealers for their support over the last couple of years. We look forward to expanding the number of dealer customers we’re able to serve through our proven branch model of local underwriting, funding and relationships.”
Exeter announces this line of credit on the heels of two other major milestones —reaching $100 million in total originations last month and celebrating the company's four-year anniversary.
Exeter currently operates branches in Irving, Texas; Independence, Ohio; Paramus, N.J.; Schaumburg, Ill.; St. Louis, Mo.; and Manchester, N.H. The company also serves the Atlanta and Philadelphia markets.
