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TFC Enterprises Inc. on June 29 announced its wholly owned subsidiary, THE Finance Company (TFC) completed a $75 million warehouse facility for the interim financing of motor vehicle retail installment contracts.
The facility has an expiration date of Jan. 1, 2004 with an option to extend for one year. Interest on the facility is LIBOR plus 250 basis points.
The transaction was completed with Westside Funding Corp., a special purpose funding vehicle administered by Westdeutsche Landesbank Girozentrale, New York Branch (WestLB). WestLB will assist TFC as placement agent for structuring Securitization Transactions from the related collateral in the warehouse facility.
"This transaction represents the first step in replacing our primary lender who announced several months ago their plan to exit the auto finance business and we are pleased to establish a relationship with WestLB," said Ron Tray, president and CEO of TFC Enterprises. "We continue to negotiate with additional funding sources to meet the future growth plans of TFC."
About TFC Enterprises Inc.
For a financial profile and additional information on TFC Enterprises Inc., visit www.tfcenterprises.com.
TFC Enterprises Inc. conducts its operations primarily through two wholly-owned subsidiaries: THE Finance Company, specializes in purchasing and servicing installment sales contracts originated by automobile and motorcycle dealers and First Community Finance Inc. specializes in the direct origination and servicing of consumer loans.
Based in Norfolk, Va., TFC Enterprises Inc., has 13 contract production offices of THE Finance Company throughout the United States and 21 offices of First Community Finance in Virginia and North Carolina. The Company's common stock symbol is listed on Nasdaq National Market and trades under the symbol "TFCE."
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