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Southside Financial Group Launches National Subprime Loan Portfolio Program to Help Franchised and Independent Auto Dealers Achieve Greater Liquidity
Arlington, Texas, October 17, 2011 -- Southside Financial Group (http://www.southsidefg.com), an active purchaser of auto finance receivables, today announced the launch of a nationwide program to purchase existing near prime and subprime auto loan portfolios from franchised and independent auto dealers.
Southside Financial Group’s program includes near prime and subprime portfolios ranging from $500,000 to $40 million, service released; all portfolios are held on the balance sheet and serviced internally. The program is highly efficient with a 7-10 day total turnaround from analysis to closing, and will target accounts with 60-90 day pay history. Since the inception of this program Southside Financial Group has actively purchased and closed portfolios from dealers in Oklahoma, California, Alabama, Missouri, Kentucky, Mississippi and Texas with other purchases scheduled to close in Florida, Ohio, South Carolina, Mississippi, Georgia and North Carolina . Funding is made possible by Southside’s parent bank, with the added advantage of no need to securitize plus a more stable cost of funds.
“Franchised and independent dealers have responded extremely positively to this new loan portfolio program as they can achieve greater liquidity in their business ventures by letting us purchase their existing portfolios of near prime and subprime loans,” Southside Financial Group COO Henry Gonzales commented. “Our executive team has purchased over $2 billion of prime, near prime and subprime loans in the past three years and their expertise and service is beyond compare. We can analyze and review a portfolio and offer attractive pricing and very quick funding, with a 7-10 day total turn around. Southside also builds relationships with each dealer to insure a smooth transition plus long term customer satisfaction.”
Southside Financial offers complete transparency and up-front pricing based on its superior analytics. A due diligence team will evaluate all loans to maximize return without interrupting the dealership’s existing business, ensuring a seamless transition.
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Southside Financial Group is an active purchaser of auto finance receivables and its executive management team has over 75 years of combined industry experience. It is a wholly owned affiliate of Southside Bank, one of the nation’s largest independent banks with $3.2 Billion in assets. Southside Financial Group buys sub-prime through near prime auto paper, servicing released, from banks, credit unions, auto dealers, and other financial institutions nationwide. The company’s aggressive pricing and experience across all credit spectrums make it an industry leader. For more information visit: www.southsidefg.com or call: 266-590-7734