Wheels Financial Group, LLC (d/b/a LoanMart), an Encino, California-based auto title lender, received a $100 million senior secured credit facility.
Victory Park Capital (VPC), an investment firm focused on private middle market debt and equity investments, provided the capital.
The credit facility will support the company’s growth and its ability to provide under-banked consumers with affordable auto title loans.
Founded in 2002 and led by Hugo Dooner, CEO, and Suken Mehta, CFO, LoanMart is a provider of non-traditional lending services for customers who may otherwise be unable to borrow money from traditional sources such as banks.
The company provides loans directly to consumers as well as through a large network of business partners, offering a diverse portfolio of financial products, including auto equity loans, personal loans and small business loans.
LoanMart has over 300 employees, and currently does business in 20 states.