Monday, Feb. 25, 2008, 07:00 PM UPDATED 11:59 AMBy Nick Zulovich
SPRINGFIELD, Mo. — The Freedom Financial Group, a subprime auto finance company that primarily purchases contracts via independent dealers, recently announced it has signed a $15 million, two-year, revolving credit facility with ReMark Capital Group, which is an affiliate of the Goldman Sachs Group.
According to officials, the facility is secured by auto receivables originated by Freedom Financial.
"We are excited about the opportunity to work with ReMark," said Jerry Fenstermaker, chief executive officer and president of Freedom Financial.
"This relationship enables us to fully develop our market presence in the Midwest and build out the business plan," he continued.
Basically, Freedom Financial specializes in the acquisition, collection and servicing of subprime auto loans that are purchased primarily from independent dealers.
"We serve as an alternative credit source of financing for dealers who sell vehicles to customers who have past credit problems or might not be able to secure financing from traditional sources," Fenstermaker indicated.
The company said the new credit facility will pay off an existing Heartland Bank loan, in addition to allowing the expansion of business.
Freedom Financial said it is the successor of Stevens Financial Group, which filed for Chapter 22 bankruptcy in March 2001. It emerged as a public corporation in January 2003.
For more information on the company, visit .