Regional Management Corp. adds new lender and increases warehouse facility capacity to $300 million
May 3, 2021
GREENVILLE, SC – Regional Management Corp. announced that it has expanded its warehouse facility capacity by $100 million to $300 million by closing on an additional new warehouse facility with JP Morgan.
As with the company’s recently closed warehouse facilities with Wells Fargo and Credit Suisse, the new facility funds multiple forms of collateral, including small loans, large loans, convenience check loans, and digitally originated loans. Combined, the three new warehouse facilities closed in April 2021 represent an increase of $175 million from the company’s previous single $125 million warehouse facility.
“We are pleased to further expand the capacity of our warehouse facilities with the addition of JP Morgan to our group of lenders,” said Robert W. Beck, President and Chief Executive Officer of Regional Management Corp. “The additional capacity will further ensure our ability to invest aggressively in our growth strategy, return excess capital to shareholders, and position the company for attractive and sustainable growth for years to come.”
– BUSINESS WIRE
About Regional Management Corp.
Regional Management Corp. (NYSE: RM) is a diversified consumer finance company that provides attractive, easy-to-understand installment loan products primarily to customers with limited access to consumer credit from banks, thrifts, credit card companies, and other lenders. Regional Management operates under the name “Regional Finance” in 366 branch locations across 12 states in the Southeastern, Southwestern, Mid-Atlantic, and Midwestern United States, as of April 2021. Most of its loan products are secured, and each is structured on a fixed rate, fixed term basis with fully amortizing equal monthly installment payments, repayable at any time without penalty. Regional Management sources loans through its multiple channel platform, which includes branches, centrally-managed direct mail campaigns, digital partners, retailers, and its consumer website. For more information, please visit www.RegionalManagement.com.
