Axis Auto Finance Inc., a fintech lender servicing the alternative auto finance market and commercial equipment finance market, announced it has renewed its $120 million senior secured credit facility that supports its auto finance business, while also expanding its funding facilities used in its commercial equipment business segment, operated through its wholly owned subsidiary Pivotal Capital Corp. (Pivotal). With these amendments, Axis now has a combined $225 million in funding facilities to support future growth.
Auto Finance Highlights:
- Committed funding capacity of $120 million
- Borrowing costs of prime rate +190 bps
- Maximum advance rate of 77 percent
- Extension through Oct. 31, 2023
Axis’ senior secured credit facility has been renewed, with a committed funding amount of $120 million and extended through Oct. 31, 2023. The annual interest rate on the senior secured credit facility is Prime Rate plus 1.90 percent, while the maximum advance rate on the facility remains unchanged at 77 percent.
Equipment Finance Highlights:
- Purchase facility for $40 million in annual purchases
- Expansion of the Warehouse facility to $10 million
- Extension through Oct. 31, 2023
Pivotal’s commercial equipment funding facility with a Canadian Schedule 1 bank was renewed, with a purchase facility of $40 million in annual purchases, while expanding its Warehouse facility from $5 million to $10 million to support ongoing organic portfolio growth. All facilities were renewed through Oct. 31, 2023. With this amendment, Pivotal’s funding facilities held amongst all of its funding partners total $105 million.