MISSISSAUGA, ON, June 23, 2021 /CNW/ - Axis Auto Finance Inc. ("Axis" or the "Company"), (TSXV: AXIS) a fintech lender servicing the alternative auto finance market, announced today that it has added a Big 5 Canadian Bank ("Bank") to the Funding Syndicate that provides the Company's senior secured debt facility.
Axis expects to see significant demand for non-prime auto financing as Canada exits pandemic restrictions. The addition of the Bank to the syndicate diversifies Axis' funding and allows for easier expansion of the senior debt facility in the future.
The annual interest rate on the senior debt facility decreased to Prime Rate plus 2.25%. The standby fee on the unused portion of the facility is 50 bps.
About Axis Auto Finance
Axis Auto Finance is a fintech lender providing alternative used vehicle financing options to roughly 30% of Canadians (Source: Equifax) that have credit scores in the non-prime range. All Axis auto loans report to the credit bureau, resulting in over 70% of customers seeing a significant improvement of their credit scores. These clients use Axis as a stepping-stone in their credit rebuilding journey and we are proud to be improving the lives of these Canadians. Supported by state-of-the-art, in-house developed risk analytics, Axis continues to be Canada's fastest-growing publicly traded auto-financing company. Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither the Exchange nor its Regulation Services Provider (as that term is defined in the policies of the Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Axis Auto Finance Inc.
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