Debt Purchaser Crown Asset Management Closes on $22 million Credit Facility

Crown Asset Management, LLC, [www.crownasset.com] a leading purchaser of charged off consumer receivables, recently completed $22 million in new, three-year credit facilities through Wells Fargo Foothill Lender Finance, part of Wells Fargo & Company, and Genesis Financial Services Fund, LLC. The credit facility will be used to acquire portfolios of non-performing consumer receivables and fund forward flow agreements. The financing consists of $20 million in senior debt financing from Wells Fargo Foothill, and $2 million in mezzanine finance from Genesis Financial Services Fund.

Brian K. Williams, Chief Executive Officer of Crown, stated “We are excited to be working with Wells Fargo Foothill and Genesis and view them as strategic partners. This facility will open new doors for us and allow us to participate in deals with our established business relationships in a more meaningful way.”

Stephen P. Riexinger, Chief Legal Officer of Crown, went on to say, “This funding will allow Crown to acquire larger receivables portfolios than previously available to the company and allows us to build on the profitable growth we have experienced since our founding.”

Crown and its affiliated collections law firm, Riexinger & Associates, LLC, have grown from 1 employee at the end of 2004 to over 70 people. The company also employs a nationwide network of over fifty collection agencies and law firms in its collection activities. Crown primarily purchases discharged credit card receivables, auto deficiencies and consumer loan portfolios. Since its inception, Crown has purchased over $600 million in delinquent receivables from numerous issuers.