Prestige Establishes $30M Line of Credit with Chase
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SALT LAKE CITY — Prestige Financial Services recently revealed it has established a $30 million senior secured line of credit with Chase.
The company explained that this line will serve as one of two primary sources of short-term revolving liquidity to fund its Salt Lake City-based consumer lending activities.
Apparently, the new line of credit represents an expanding partnership between Prestige and Chase’s Utah operations.
“Chase’s support of both Prestige and our parent, the Larry H. Miller Group of Companies, goes back many years,” noted Prestige chief operating officer Bryant Henrie.
“This line of credit and the recent term deal attest to their understanding of and commitment to our growing business,” he added.
This is not the first project the two companies have worked on together. Prestige and Chase just created a $12 million amortizing term loan facility this past September.
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Highlighting Prestige's operations, the company manages a $415 million portfolio and provides consumer financing solutions for automobile dealerships in a total of 25 states.
