HorsePower Financial closes $50M credit facility
What's the deal? HorsePower FinancialDealroom has a profile for this one. Try Dealroom → has closed US$32.4M senior secured credit facility with Coromandel CapitalDealroom has a profile for this one. Try Dealroom →. The Tampa-based company will use the proceeds exclusively to fund powersports lease originations through its network of franchised and independent dealer partners.
What does the company do? HorsePower runs a no-credit-check leasing platform for motorcycles, ATVs, UTVs and SXS vehicles. When a consumer picks a vehicle at an affiliated dealership, HorsePower funds the lease at the point of sale.
Why now? This is HorsePower's third credit facility, each adding origination capacity as it scales. The new capital expands its ability to serve more dealers and consumers as volume grows.
The signal: Debt facilities like this one allow consumer-lending platforms to fuel loan volume without diluting equity. Coromandel described HorsePower as a platform with a seasoned management team and a track record of securing increasingly larger capital commitments.
Read more: EIN Presswire
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