DES MOINES, Iowa — For the second time this month, Wells Fargo Preferred Capital handed out a revolving credit facility to a regional non-prime lender that works with franchise and independent dealerships.

The latest facility coming to fruition last week was for Carolina Finance, an affiliate of Harvey Enterprises. Executives did not reveal the exact amount of the facility.

Carolina Finance is a non-prime lender headquartered in Greensboro, N.C., serving the North Carolina and Virginia markets. In addition to the non-prime automotive lending products, Carolina Finance also provides direct consumer lending and credit insurance products for both customers and dealers.

Tom Murphy, president of Wells Fargo Preferred Capital, shared reasons why the company went ahead and pushed out the facility.

"We have tracked the accomplishments of Carolina Finance over the past several years and are proud to provide the capital for their continued success," Murphy stated.

Ed Cooper, senior vice president, secretary and treasurer of Carolina Financial, elaborated about the two companies' long-standing relationship.

"As one of the Harvey Family companies, Carolina Finance is pleased to continue the 50-plus years banking relationship with Wachovia, Wells Fargo and now Wells Fargo Preferred Capital," Cooper declared.

"This credit facility allows the opportunity for a mutually beneficial relationship for many years," Cooper added.

Earlier in September, Wells Fargo Preferred Capital provided a $12 million revolving credit facility to K STReet Finance. That indirect auto finance lender operates in Santa Ana, Calif., and works with dealers in Orange, Los Angeles and San Diego counties.