Westlake Technology Holdings is establishing itself as a financier for dealerships “on all levels” with a program to provide commercial real estate loans to auto dealers, Group President Ian Anderson announced in a press release this week.
The program, called Westlake Capital Finance, is the Los Angeles-based lender’s newest business venture to become a holistic provider for a dealer’s financing needs, “whether it’s financing their customers, inventory purchases, portfolio acquisitions or commercial real estate acquisitions,” Anderson said.
Through Westlake Capital Finance, dealers have access to commercial real estate loans to fund ground-up construction, renovation, value-add opportunities, and turnkey purchases. Additionally, dealers are able to receive financing to purchase their current dealership, lease buyout, purchase an additional or new location, or fund construction to build new facilities.
It was not clear if the lender has started originating commercial mortgages at press time.
Separately, Westlake Portfolio Management officially announced today that it was selected as the third-party servicer of Security National Automotive Acceptance Company’s (SNAAC) $221 million portfolio.
SNAAC is the largest portfolio Westlake has acquired for servicing, at 16,800 active loans. Westlake is also the third-party servicer for Total Finance, Honor Finance, and Pelican Auto Finance.
Also read: Westlake likely to take over SNAAC servicing
Westlake Financial has had a busy 2019. Last month, the lender inked a deal with CarFinance to start purchasing auto refinance loans. Subsequently, Westlake partnered with Axis Auto Finance to start originating loans in Canada in the first quarter of 2020. The lender also recently surpassed $3 billion in asset-backed securitizations for 2019.
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