Westlake Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announces the formation of a $3.5 Million revolving credit line with Star Finance, Inc. in Hot Springs, Arkansas, an affiliate of Lloyd’s Auto Sales, Inc. (collectively, Lloyd’s).
“We are excited to establish a partnership with Lloyd’s as they have proven to be a strong counterparty for Westlake Financial,” stated Todd Laruffa, Assistant Vice President and division head of ALPS. “Their business philosophy and growth strategy over the past 26 years is in line with Westlake’s vision, so we believe this partnership will be advantageous for both parties,” commented Laruffa.
Westlake ALPS replaced Capital One Auto Finance as Lloyd’s exclusive institutional lender, providing them with a secured revolving credit line to facilitate receivables growth for the next 2 years. Lloyd’s is a pre-owned independent auto dealership based out of Hot Springs, AR and serves the entire state. “I was pleasantly surprised when I initially contacted Westlake. Right away, they were eager to assist me in securing a new line of credit. The entire process was easier than I ever expected, and they went above and beyond to expedite my deal and meet all of my financial needs. I now have much needed capital at an affordable rate to help my portfolio grow and expand my business. I look forward to a long and healthy relationship with Westlake,” commented Lloyd Robertson, Owner of Star Finance.
Westlake Financial Services’ ALPS division specializes in providing revolving credit lines to independent auto dealers throughout the United States and performing and distressed sub-prime loan portfolio acquisitions from Buy-Here Pay-Here (BHPH) dealerships and finance companies.
Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Flooring lines of credit are offered through their Westlake Flooring Services division; www.WestlakeFlooringServices.com. Direct consumer title loans and unsecured loans are offered through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections and servicing functions are performed in-house at its headquarters located in the Mid-Wilshire area of Los Angeles.