Advanced Lending & Portfolio Services, a division of Westlake Financial Services, announces the acquisition of a $14.7 million bulk auto-loan portfolio.

The portfolio consists of over 2,230 Buy-Here Pay-Here contracts from a lender located in Savannah, GA. “The owner wanted to exit the Buy-Here Pay-Here market, so we assessed his needs and quickly developed a strategy for him to accomplish this goal,” commented Todd Laruffa, Assistant Vice President and division head of ALPS. “Our entire closing process was completed on-site within one week,” added Laruffa.

Westlake ALPS was able to close by acting fast and flying the team to Savannah to work the deal on-site in order to meet the seller’s needs. “The purchase price on this deal generated a full pay-off for the senior lender, which proves Westlake ALPS to be a viable option for senior lenders to liquidate account receivables without the burden of a runoff scenario,” said Ian Anderson, Group President of Westlake Financial Services.