Since 2007, we’ve helped hundreds of BHPH Dealerships expand their businesses by providing capital and guidance tailored with tomorrow in mind.
Here, you’ll find answers to some of the most commonly asked questions we hear from new clients.
How big does my dealership need to be to qualify for a loan from PrimaLend?
We have no size requirement. However, underwriting requires that we analyze your portfolio to understand your deal structure and the performance of the loans you have on the books. You will typically need 25 loans on the books with a collection history of at least 3-6 months.
Remember, it is never too early to explore the option of an asset-backed loan from PrimaLend, no matter what stage of growth you're in. If you do not qualify right now, we will tell you why, and we will provide guidance that will get you to “Yes” faster than you might think.
What are your minimum and maximum lines of credit?
We generally provide lines of credit anywhere from
$1 million to $30 million, although there are no hard-and-fast limits on either end.
What is “Bank Graduation”?
Bank Graduation is an informal term used to describe the process of helping our larger dealers prepare for acquiring capital through a traditional bank.
Do you purchase notes or provide loan servicing?
We do not purchase or service loans. We believe that the best way to grow your business and profitability is by collecting your own accounts. We understand the importance of the customer-to-dealer relationship.
Do you provide loans for subprime car buyers?
We do not provide consumer loans. We provide commercial lines of credit to BHPH car dealerships and finance companies. These lines of credit are often secured by subprime auto receivables but can also be secured with real estate or inventory.
Can I sell my portfolio if I have a loan with PrimaLend?
Yes. Upon approval, our customers can sell the notes that we have funded. The proceeds of these note sales would be used to pay back the advance we have provided.