Consumer Portfolio Services renews $100 million revolving facility

By Susanna Moon

Chicago, Feb. 26 – Consumer Portfolio Services, Inc. renewed its $100 million two-year revolving credit agreement with Fortress Credit Corp. on Tuesday.

Consumer Portfolio Services may borrow on a revolving basis through Feb. 22, 2021, after which the company will have the option to repay the outstanding loans or to allow them to amortize for a two-year period, according to a press release.

“With this renewal we continue to maintain our strategy of having three $100 million warehouse lines with multi-year revolving commitments followed by amortization periods,” Charles E. Bradley Jr., president and chief executive officer, said in the press release.

Loans will be secured by automobile receivables.

Consumer Portfolio Services is an Irvine, Calif.-based specialty finance company that provides indirect automobile financing to individuals with past credit problems, low incomes or limited credit histories.

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