Prestige Secures $30 Million Credit Line With Chase
The new line of credit from Chase will serve as one of two primary sources of short-term revolving liquidity to fund Prestige Financial Services’ consumer lending activities.
SALT LAKE CITY — Prestige Financial Services Inc. announced it has established a $30 million senior secured line of credit with Chase. The line will serve as one of two primary sources of short-term revolving liquidity to fund the auto finance company’s consumer lending activities.
The new line of credit comes on the heels of a $12 million amortizing term loan facility that Prestige and Chase’s Utah operations created in September, according to Prestige. The line has a renewable one-year term.
“Chase’s support of both Prestige and our parent, the Larry H. Miller Group of Companies, goes back many years,” said Bryant Henrie, Prestige COO. “This line of credit and the recent term deal attest to their understanding of and commitment to our growing business.”
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