Prestige Financial Announces $150 Million Funding Facility with Wells Fargo Securities
Prestige Financial’s $150 million funding facility with Wells Fargo Securities has a renewable one-year term and will assist Prestige in growing its loan portfolio and completing periodic asset-backed securitizations.
SALT LAKE CITY — Prestige Financial Services Inc. has established a $150 million funding facility with Wells Fargo Securities, which will fund the Salt Lake City-based auto finance company’s consumer lending activities.
The facility, also referred to as a “warehouse,” has a renewable one-year term and will assist Prestige in growing its loan portfolio and completing periodic asset-backed securitizations, according to the company.
“Wells Fargo is a valued business partner, both for Prestige and for our parent, the Larry H. Miller Group of Companies,” said Bryant Henrie, Prestige’s COO. “This new and significant commitment from Wells will complement our existing financing sources in facilitating our growth plans.”
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