Newly established Global Lending Services LLC has acquired Resurgent Auto Finance. The acquisition includes a $38 million loan portfolio as well as a funding and servicing platform. Atlanta-based Global Lending Services also has entered into a partnership with New York-based investment firm BlueMountain Capital Management. Several BlueMountain managed funds and Chairman Douglas Duncan will collectively invest $100 million in capital. BlueMountain will have a majority interest in Global Lending Services.
“By making this acquisition, we now have a platform in place that will enable us to create a scalable subprime auto finance business and execute our plan to establish a national presence in the market,” Duncan said in a statement. “The opportunity to partner with BlueMountain was strategic given the significant amount of capital required in the auto finance business.”
With $100 million in committed capital, Global Lending Services is well positioned to secure additional debt, as needed, to support growth, said Global Lending Services Chief Executive Gary Lorenz in a statement.
“BlueMountain also has a deep understanding of the subprime auto finance sector and an experienced team of professionals that will add significant value to our business.”
In a related matter, Global Lending Services secured a senior debt facility with UBS Real Estate Securities Inc. for $75 million. “The UBS facility provides the foundation for our debt program, which will scale as we grow our loan portfolio,” said Mark McCall, Global Lending Services chief financial officer, in a statement. “The UBS team established a facility that meets our specific needs, and we are very excited to partner with them as we build the business.”
As time has progressed the focus Hyundai put worldwide on quality is now showing the positive results.
Ricky Beggs