NEW YORK — It was revealed Wednesday that investment bank Sevara Partners has helped secure a $50 million subordinated credit facility for Southern Auto Finance Co. — a subprime auto finance company headquartered in Florida and operating in nine states.

The funding is to help SAFCo grow.

Delving into the reason behind the recent transaction, SAFCo stated it satisfied the company's “desire to institutionalize their capital base and execute their growth strategy.”

Sevara Partners acted as sole placement agent and said it helped the subprime lender identify an “optimal source” of funds for SAFCo.

During the organization of the deal, Sevara helped the company position themselves appropriately and provided access to institutional sources of capital.