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Slide #50. Carfinco Financial Group Inc — Persian Acceptance Corp.
Carfinco Financial Group Inc (CFN.CA)
Persian Acceptance Corp.
Carfinco Financial Group Inc. ("Carfinco" or the "Corporation") today announced the acquisition of the issued and outstanding shares of Massachusetts based, Persian Acceptance Corp. ("PAC"), an indirect lender in the sub-prime retail automotive industry, from Peter and Jennifer Miller ("Vendors"). The acquisition was closed on September 4, 2013.
Carfinco Income Fund is an unincorporated open-end mutual fund trust company. Co. targets borrowers who are typically unable to obtain financing from traditional sources. To fund the acquisition of receivables, Co. utilizes its borrowings under its credit facility, as well as, borrowings through subordinated debenture issuances. Co. generates interest and fee income on its finance receivables and pays interest expense on borrowings under its credit facility and on outstanding subordinated debentures.
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