Veritas Auto to Tap Auto ABS Market
Veritas Auto Finance LLC, a specialty finance company, is look-ing to enter the securitization market. The news comes in the wake of the Santa Ana, Calif.-based lender’s newly inked $92.5 million revolving credit agreement with Credit Suisse AG, Vince
Scardina, Veritas Auto’s chief financial officer, said in a company release.
“This transaction is a milestone for the company in that it creates significant additional funding capacity and paves the way for future growth in originations volume to enable our portfolio to reach the critical mass needed to access the securitization markets,” he said in a statement.
Loans under the credit facil-ity, which is rated by Dominion Bond Rating Service, will be secured by auto receivables, held by Veritas, or purchased from dealers in the future, according to a company statement.
