Platinum Auto Gets Financial Relief as It Acquires 115million Dollars in Debt Financing from Fortress Investment Group

Fortress Investment Group is one of the highly diversified worldwide investment management organizations. The firm applies its specialized expertise and deep experience across a myriad of investment strategies that vary from private equity, liquid markets, ancient asset management to credit.

The company manages assets on behalf of close to 1,500 private clients and institutional investors across the globe. The firm has its headquarters situated in the Greater New York Area, Northeastern US, and East Coast. The brainchild behind this great investment firm is Peter Briger, Wes Edens, and Randal Nardone. It has been depicted that the New York-based Fortress Investment Group manages assets worth over 45billion dollars as of late June 2020.

Recently, Platinum Auto, an auto finance firm based in Florida benefited from the funds managed by Fortress Investment Group affiliates. Platinum auto secured a warehouse line credit of close to 100 million dollars. The funds provided by the fortress seek to help the facility in areas that include an accordion to its massive expansion to over 150 million dollars.

As of late March 2019, Fortress Investment Group was managing assets estimated to be worth over 40billion dollars. Platinum Auto intends to use these funds to refinance prevailing debt, acquire secondary portfolios, and fund different originations.

Platinum in conjunction with fortress transaction has also secured a loan of 15million dollars from a fund based in New York to support its working and operating capital needs. Michael Kaplanis, the CEO of Platinum will lead the firm in purchasing auto loan bonds from a network of close to 300 auto dealers located in the southeast of United States.

The company that was founded in 2012 has purchased more than 140 million auto loans through its bulk portfolio sales and essential point of sale procedures. In total, Platinum Auto will have secured approximately 115million dollars in debt financing. To know more click: here.