Prestige Financial, Wells Fargo Preferred Capital Extend Credit Relationship
SALT LAKE CITY — Prestige Financial announced that it has established a three-year senior secured line of credit with Wells Fargo Preferred Capital. The facility will replace an existing line of credit and support ongoing financing activities.
WFPC will act both as lender and agent in the new facility, allowing additional lenders to participate in syndication up to a maximum principal amount of $300 million.
"This line of credit adds another facet to our outstanding, long-term relationship with Prestige's parent, the Larry H. Miller Group," explained Tom Murphy, president of WFPC.
"Prestige's proven expertise as an originator and servicer, combined with the Miller backing, presented a compelling case for us to further Wells Fargo's support of consumer credit through this new facility," Murphy added.
Now in its 15th year of operations, Prestige Financial currently manages more than $600 million in loans within and outside of the Larry H. Miller Group. Prestige chief executive officer Robert Avery commented on the renewed financial relationship with WFPC.
"Amid unprecedented disruption in our industry, Prestige is pleased to have the support of a partner as widely respected as Wells Fargo," Avery pointed out.
"We've made remarkable advances in both the yield and performance of our recent originations, and this facility will play an important role in our continued success," he added.
Also sharing his thoughts was Greg Miller, CEO of the Larry H. Miller Group.
"We are pleased to expand our long-standing relationship with Wells Fargo," Miller highlighted.
"This relationship has contributed significantly to our growth over the years, and we look forward to working more closely with them in the future," he concluded.