Axis’ senior credit facility rises to $100M
Axis Auto Finance started the year with more resources to generate originations and at terms more favorable for the technology-driven finance company.
According to a news release distributed last week, Axis announced that it has expanded its senior secured credit facility and lowered its borrowing costs.
Four primary highlights of the development include:
— Expansion of the committed funding capacity to $100 million, up from $80 million
— Lowering of the borrowing costs to prime rate plus 250 basis points
— Increase of the maximum advance rate to 76% from 75%
— Extension through Oct. 31
The company mentioned the facility currently bears interest at 4.95% (prime rate plus 250 basis points) and has a stand-by fee on the unused portion of the maximum committed amount of 25 basis points per annum.
Further information about the company can be found at axisautofinance.com/investors.