Carfinco on Record-Setting Pace for Q3 Loan Originations
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EDMONTON, Alberta –
Along with being listed among the Alberta Venture 250 for the first time, Carfinco Financial Group revealed this week that it is setting a record pace for loan originations during the first two months of the third quarter.
Carfinco indicated its loan originations in July totaled $13.0 million, and the company said August was a record-setting month at $14.2 million.
Officials calculated total loan originations for Q2 came in at a record $36.8 million. The first two months of the third quarter totaled $27.2 million.
As the company’s amount of originations climb, Carfinco is building a portfolio that performs well.
Back in May, the company also highlighted that the 31-plus days delinquent accounts dipped from 3.3 percent at the end of the first quarter of 2011 to 2.5 percent this time around.
“Management continues to target monthly loan originations at a level that will achieve approximately 20-percent growth in finance receivables for the year. The majority of our current loan originations continue to come from Carfinco’s pre-existing underwriting programs that have been in place for a number of years,” officials stated.
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“Even though we have developed tiered risk-based pricing programs, they continue to remain a minimal portion of our loan portfolio that we feel has substantial opportunity for future growth,” they added. “We have seen positive results in loan originations with the addition of new dealer representatives in strategic areas. We continue to focus on cultivating our existing dealership relationships and adding new dealerships to provide Carfinco’s finance programs.”
Carfinco on Alberta Venture 250
In other news, Carfinco highlighted that it was also named one of Alberta’s highest grossing companies as listed in the Alberta Venture 250. Carfinco came in 216th place out of 250 with a 2011 revenue figure of $59,583,000.
“This is the first time that Carfinco has made the Alberta Venture 250 list, and we are proud to have been recognized along with so many well-known large cap companies,” said Carfinco chief executive officer Tracy Graf.
The full rundown of the Alberta Venture 250 can be viewed here.
