SALT LAKE CITY — Prestige Financial Services recently announced it has established a $150 million funding facility with Wells Fargo Securities. 

The company noted that the new arrangement is similar to a secured revolving line of credit and also “provides a substantial source of liquidity to fund the Salt Lake City-based auto finance company’s consumer lending activities.”

“Wells Fargo is a valued business partner, both for Prestige and for our parent, the Larry H. Miller Group of Companies,” said Bryant Henrie, Prestige’s chief operating officer.

“This new and significant commitment from Wells will complement our existing financing sources in facilitating our growth plans,” he continued.

The facility, also referred to as a “warehouse," will serve to aid Prestige in expanding its loan portfolio and completing periodic asset-backed securitizations — longer-term arrangements in which the company receives bulk financing through the capital markets, according to Prestige. 

It was also noted the facility has a renewable one-year term.

Prestige Financial provides consumer financing solutions for automobile dealerships and manages a $410 million portfolio.