Automobile finance firm Global Lending Services has acquired subprime auto loan originator, Resurgent Auto Finance, and has secured fresh capital for growth.
The deal includes $38 million of subprime auto loans and would give Atlanta-based Global Funding a platform "that will enable us to create a scalable sub-prime auto finance business and execute our plan to establish a national presence in the market," Douglas Duncan, an auto industry veteran who founded Global Lending earlier this year, said in a news release Tuesday.
Separately, Global Lending announced that Duncan and several managed funds from New York investment firm BlueMountain Capital Management have agreed to invest a total of $100 million in the company. Global Lending also said that it had secured a senior debt facility with UBS Real Estate Securities for $75 million.
The fresh capital positions the company to secure additional debt for growth, Gary Lorenz, the chief executive of Global Lending, said in a news release.