Indirect lender Tidalwave Finance Corp. has received an increase in its revolving credit line — to $6 million — from Sunwest Bank.
Tidalwave,which originates loans to auto dealers in Southern California, was the first client of the Irvine, Calif.-based bank’s Specialty Finance Group, a sector that provides rediscount lines of credit to lenders.
“The economic pressures that have forced many buyers out of the new-car market to seek a less expensive alternative have been good news for used-car sales, and accordingly, for finance companies like Tidalwave,” said Sunwest Bank’s Matt Rogers, senior vice president and team leader. “We took the time to understand their business model and now are delighted to count Tidalwave as one of our preferred clients.”
According to Sunwest Bank CEO Glenn Grey, one reason for the rapid success of the Specialty Finance Group is the practice of carefully selecting relationship managers who understand the industries the bank wishes to fund, speak the language of their customers, and know the issues unique to their businesses — a huge advantage for evaluating funding options.
