Western Funding Inc. Secures $450 Million Warehouse Financing Facility
FOR IMMEDIATE RELEASE (November 2023):
Western Funding Inc. (WFI), a subsidiary of Westlake Technology Holdings and part of the Nowlake Group, announced the completion of a $450 million Warehouse financing facility with a team of commercial banks.
The facility is the first for Western Funding and represents a net expansion of debt capacity for the Nowlake group. The new facility will support Western Funding’s continued growth and enable it to independently access the Asset-Backed Securities (ABS) markets.
“This is an important milestone for Western Funding! Accessing debt capital independently is representative of the growth and performance of the company and is something that is earned, not given,” said Jim Murray, President of Western Funding. “I’m proud of our team for their continued hard work and persistence in pursuit of our ambitious business objectives.”
“The successful establishment of this Warehouse financing facility is a testament to the dedication and collective efforts of the Western Funding team”, stated Ian Anderson, Group President of Westlake Technology. “I look forward to seeing WFI capitalizing on this newfound financial strength to foster further innovation, growth, and financial success!
Western Funding plans to leverage this new facility and continue its growth in the U.S. market. By growing its dealer base and continuing to synergize with sister companies WFI will provide more services to dealers and customers in 2024 and beyond. To learn more about Western Funding Incorporated visit www.westernfundinginc.com/ for more information.
About Westlake Technology Holdings:
Westlake Technology Holdings is an auto and finance technology company headquartered in Los Angeles, CA with approximately $15 billion in assets under management. Westlake Financial (“Westlake”) originates indirect automotive retail installment contracts through a nationwide network of new and used automotive and powersports dealers. Westlake also offers loan portfolio purchasing, credit facilities, and portfolio servicing through its ALPS division (Advanced Lending & Portfolio Services), www.WestlakeALPS.com; floor plan lines of credit are provided through its Westlake Flooring Services division, www.WestlakeFlooringServices.com; shared cash flow auto lending through Westlake’s wholly owned subsidiary, Western Funding Inc., a Nevada based auto lender; indirect automotive leasing for credit unions through Westlake’s subsidiary, Credit Union Leasing of America (CULA); dealer leads and direct-to-consumer auto loans are offered through Westlake Direct; consumer installment loans are offered through Westlake’s wholly owned subsidiary LoanCenter, www.loancenter.com; and commercial real estate lending is offered through Westlake Capital Finance.