WhiteHorse Finance, Inc. Reports Second Quarter 2013 Earnings Results
, a consumer-finance arm of Sun Hung Kai & Co. thats expanding in China, may sell shares in Hong Kong to fund its growth in the worlds second-largest economy. United Asia expanded lending on the mainland last year by more than 60 percent to more than 2 billion yuan ($327 million), compared with 10 percent growth in its Hong Kong loan book, which totaled HK$8.3 billion ($1.1 billion), Chief Executive Officer Akihiro Nagahara said in an interview on Aug. 9. The company has invested more than 4 billion yuan in its China operations.
Wausau, WI (PRWEB) August 12, 2013 Foundation Finance Company (FFC), one of the fastest-growing consumer finance companies in the country, today announced the addition of a superprime pricing tier designed to compete with other nationwide, prime-credit lenders. Our second-look home improvement financing programs for near-prime and subprime customers have been hugely popular for home improvement dealers because most home improvement lenders approve only the perfect customers, says Andrea McCullion, senior vice president of marketing for FFC. But they left a lot of creditworthy customers on the table that FFC can approve. In order to streamline the process for dealers, FFC has launched a new pricing tier for the strong A credit, superprime customers that typically get approved by these larger lenders. Dealers now have access to reduced interest rates and promotional fees that meet or beat those types of programs for their best customers, plus full access to the B, C and D credit programs that can help them close more sales. Dealers can now focus on what they do best selling rather than on shopping multiple finance companies, continues McCullion.
Indiabulls Housing Finance buys back Amaprop’s 42.5 percent stake in subsidiary for $42.5 mln
Amaprop, a US-based private equity firm, had invested in Indiabulls Finance, a non-banking finance company, in 2005 for around Rs 130 crore. This means it will encash around 2x in Indian currency in its eight-year old investment though on repatriation its returns would translate into 41 per cent gains in US dollar terms. With the buyback, Indiabulls Finance has become a wholly owned arm of Indiabulls Housing Finance, one of the largest private housing finance firms in the country. Indiabulls Housing Finance has a loan book of Rs 37,000 crore (having grown at a CAGR of 26 per cent in the last five years).
Foundation Finance Company Expands Consumer Financing Programs to Include Superprime Pricing Tier
This marks the third consecutive quarter that the Company has declared a distribution at this rate. Distributions are paid from taxable earnings and may include return of capital and/or capital gains. The specific tax characteristics of the distributions will be reported to stockholders on Form 1099-DIV after the end of the calendar year and in the Company’s periodic reports filed with the Securities and Exchange Commission. Recent Developments On July 16, 2013, WhiteHorse Finance priced an offering of $30.0 million of aggregate principal amount of senior notes (the “Notes”), the net proceeds of which were used to reduce outstanding obligations under the Company’s unsecured term loan. The Notes mature on July 31, 2020.