TORONTO, Nov. 12, 2020 /CNW/ – LendCare Capital, a leading Canadian point-of-sale finance and technology company, announced today it has secured a new $85 million (CAD) financing facility from a leading international financial services company. This new facility will be in addition to the company’s existing senior and supplemental facilities, providing LendCare with a total funding capacity of over $600 million (CAD) to support their existing portfolio and anticipated originations over the next 12 months.
“We welcome this new strategic lending relationship to our existing and diversified stable of lenders. Through this increase in funding capacity, along with FrontLine, our proprietary online financing technology, we stand well-positioned to execute on our goals for the next year.” said Ali Metel, CEO, LendCare Capital.
Earlier this year the company launched their proprietary online financing technology, FrontLine, which features instant credit decisions and multi-device access to loan applications, fortifying LendCare’s position as an industry leader in the full credit spectrum POS financing sector. FrontLine is a single technology, integrated with a single lender to address financing needs from Prime to all the non-Prime credit grades.