Canadian lender Rifco has renewed a $20 million securitization facility. The new facility will expire in October 2014.
Red Deer, Alberta-based Rifco received the facility through Aviator Trust, a member of structured financing provider Securcor Financial Group. In all, Rifco has $120 million in loan securitization facilities.
As of midyear, Rifco had a $162 million portfolio, which accounted for 2.5% of the Canadian auto finance market. The company expects 32% growth in loan originations for the year ending March 31, 2014.