NEW YORK -

Platinum Auto Finance is beginning the second half of 2019 with significantly more financial resources.

The Clearwater, Fla.-based subprime auto finance company leveraged its relationship with Finitive, a financial technology platform providing institutional investors with direct access to alternative lending investments, to close on a $100 million senior secured warehouse line of credit.

A news release distributed on Monday indicated that the facility includes an accordion to expand to $150 million. The facility was provided by investment funds managed by an affiliate of Fortress Investment Group, an investment manager with approximately $40 billion of assets under management as of March 31.

Officials indicated the facility will be used by Platinum to refinance existing debt, fund new originations and acquire secondary portfolios from other auto finance companies.

In conjunction with the transaction, Platinum also secured a $15 million term loan from a New York-based fund to support its operating and working capital needs.

“Through the Finitive platform we were able to efficiently identify several potential financing sources and satisfy needs across our capital structure,” Platinum chief executive officer Michael Kaplanis said.

“These two credit facilities have substantially expanded our financial capacity and flexibility which will fuel our growth going forward,” Kaplanis continued.

Platinum purchases retail installment contracts from a network of more than 300 dealers in the Southeast. Since its founding in 2012, Platinum has purchased more than $140 million worth of paper through its core point of sale strategy as well as bulk portfolio purchases.