Already an active lender in the recreational vehicle and lawn and garden industries, TCF Financial Corp. is now looking to make a big splash in the water sports business.
The Wayzata, Minn., company announced Thursday that its inventory financing arm is expanding its marine lending operation to include floorplan financing to U.S. and Canadian manufacturers and dealers that produce and sell fishing boats, pontoons, ski boats, small cruisers and other "family-centric" water sports products.
TCF Inventory Finance Inc. already has financing relationships with several boat manufacturers and with its move into other areas of marine lending it hopes to become the floorplan financing company of choice for the marine industry, Ross Perrelli, the president and chief executive of TCF Inventory Financing, said in a news release.
TCF Inventory Financing was established in 2008 to provide financing to equipment makers and dealers in wide range of industries. In 2010, the Schaumburg, Ill., division made $2.5 billion of loans to nearly 9,000 customers.
Its parent company, the $19 billion-asset TCF Financial, is also expanding into new areas of lending as it seeks new sources of revenue. It most recently entered the indirect automobile lending business with its acquisition of Gateway One Lending & Finance LLC of Anaheim, Calif.