BOSTON, MA – March 11, 2011 – Crystal Financial LLC today announced that it has agented a $45,000,000 revolving loan to Wheels Financial Group, Inc., dba 1-800-LoanMart (“Wheels Financial Group”), a leading provider of consumer finance loans headquartered in Encino, CA.
“We are pleased to agent this new revolver for Wheels Financial Group. to refinance an existing $30,000,000 revolver and provide additional loan capacity for growth. With its new financing commitment, we believe the Company will be well positioned as an industry leader,” said Stephen Krawchuk, Managing Director of Crystal Financial.
Added Christopher Arnold, Managing Director of Crystal Financial, “Wheels Financial Group provides consumer loans to an underserved segment of the market. We were particularly impressed with the management team, their systems and the prospects for growth that our new revolver will support.”
Ron Gonen, Chief Executive Officer of Wheels Financial Group, Inc. stated, “This new revolving facility will enable us to meet the growing demands of our customer base. With traditional banks pulling back on consumer lending, we have an opportunity to significantly grow our business and we wanted a lender with the flexibility to support our business plan today, and in the future. The Crystal team has been very responsive and flexible in structuring and closing this new loan.”
About Crystal Financial
Crystal Financial is a commercial finance company which originates, underwrites and manages secured term loans up to $150 million per transaction. Crystal Financial’s seasoned team of debt-structuring experts has made over $20 billion in loans to companies across a wide array of industries. www.crystalfinco.com
About Wheels Financial Group, Inc.
Wheels Financial Group, Inc, dba 1-800-LoanMart, is a consumer finance company specializing in auto equity lending, with operations in California, Illinois, Arizona, New Mexico and Missouri. www.800loanmart.com.