Westlake Financial is shooting for 20% growth in 2019 on the heels of expansion of its direct lending platform and several other units, the lender announced last week.
Westlake’s portfolio shot up 35% last year, to a record $8.33 billion, with 40.5% of originations in the prime and near-prime credit tiers.
Westlake Financial attributed some of its growth last year to a 40.5% increase in indirect lending originations. A 9% decline in 30-day delinquencies helped facilitate a 5.6% drop in net losses as a percent of total assets, the company said.
Year-over-year growth was up and delinquency rates were down for other Westlake units, including Credit Union Leasing of America and Westlake Funding Inc. Westlake Flooring Services grew 33% year-over-year and boasted a 69.5% drop in 1-day delinquencies, leading to a total 79.1% decrease in net loss percentage, according to the release. In addition, Wilshire Consumer Credit reduced its 30-day delinquencies 17.8%, with a 13.2% drop in net loss percentage.
Westlake Financial’s newest company, Westlake Portfolio Management, serviced $350 million worth of active and inactive accounts acquired from Pelican Auto Finance and Honor Finance.
Westlake did not immediately respond to requests for comment.
