LOS ANGELES--(BUSINESS WIRE)--Advanced Lending & Portfolio Services (ALPS), a division of Westlake Financial Services, announces the acquisition of a $12.4 million bulk portfolio from Blackhawk Financial based out of Chicago, IL on March 19, 2015.
Blackhawk Financial is an auto finance company operating out of seven states, mostly in the Midwest. The portfolio included 3,044 loans with short terms and low LTVs. This puts ALPS at a 200% year-over-year increase in production.
“This acquisition will make an immediate impact on the ALPS division as a whole,” stated Todd Laruffa, Director of ALPS. “Most importantly, given the short remaining terms on these accounts, ALPS will be able to recognize the majority of the portfolio’s revenue in 2015.”
Westlake Financial Services’ ALPS division specializes in loan portfolio acquisitions from Buy Here Pay Here (BHPH) dealerships and finance companies. A bulk portfolio transaction is commonly used in the BHPH industry as a primary method of generating operating capital. Westlake ALPS also offers revolving credit lines specifically designed for auto dealers and auto lenders.
“We are proud to offer ALPS’ services to dealers looking for additional capital,” explains Ian Anderson, Group President of Westlake Financial Services. “Todd Laruffa and the team have done a great job by acquiring a portfolio of this size, which has significantly added to the growth of our business. I foresee a monumental increase in terms of production and assets for ALPS.”
Dealerships, brokers, and finance companies interested in learning more about Westlake’s ALPS are invited to contact ALPS directly at 1.888.937.2577.
About Westlake Financial Services: Westlake is an internet based, privately held finance company that specializes in the acquisition and servicing of prime to sub-prime automotive retail installment contracts. Headquartered in Southern California, Westlake originates indirect retail installment contracts through a network of over 20,000 new and used car dealers throughout the United States. Westlake also offers portfolio purchasing through their ALPS division (Advanced Lending & Portfolio Services); www.WestlakeALPS.com. Flooring lines of credit are offered through their Westlake Flooring Services division; www.WestlakeFlooringServices.com. Direct consumer title loans and unsecured loans are offered through Westlake’s wholly owned subsidiary, Wilshire Consumer Credit. All collections and servicing functions are performed in-house at its headquarters located in the Mid-Wilshire area of Los Angeles.