Sunwest Bank (OTC: SWBC) has announced that it has increased the revolving credit line for Tidalwave Finance Corporation of Santa Ana, California to $6 million in recognition of the company’s success and strong financial position in the challenging automobile financing market.
Led by company President Ted Beresford, Tidalwave is an indirect automobile finance company that buys notes receivable from auto dealers in Southern California.
Tidalwave was the first client of the bank’s Specialty Finance Group based in Irvine that provides rediscount lines of credit to lenders, such as automobile finance companies like Tidalwave, and to others.
The Group is building a solid reputation for understanding the unique financial needs of niche industries many other banks are unable or unwilling to assist.
“The economic pressures that have forced many buyers out of the new-car market to seek a less expensive alternative have been good news for used car sales, and accordingly, for finance companies like Tidalwave,” said Sunwest Bank’s Matt Rogers, a senior vice president and team leader. “We took the time to understand their business model and now are delighted to count Tidalwave as one of our preferred clients.”
According to Sunwest Bank’s CEO Glenn Grey, one reason for the rapid success of the Group is the practice of carefully selecting relationship managers who understand the industries the bank wishes to fund, speak the language of their customers, and know the issues unique to their businesses – a huge advantage for evaluating funding options.
With nearly 40 years in business, Sunwest Bank is one of the strongest community banks in the western region of the United States. The bank specializes in meeting the needs of small and mid-size businesses, is an industry-recognized leader in homeowner association management banking, and has specialties in healthcare and assisted living related businesses.
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