Title King, through its parent Company, New America Energy Corp. (OTC PINK: NECA), announces that the Company has executed a Line of Credit (LOC) for up to $250,000.00 to exclusively fund future title pawn loans to customers.
The line of credit shall carry a twenty-four-month term and will charge Two Percent (2%) monthly, however the Company shall have the right to refinance the loan at lower rates once a track record of performing loans has been established. All loans made by the Company carry a Twelve and One-Half Percent (12.5%) interest rate, which will result in the Company netting Ten and One-Half Percent (10.5%) per month which is equal to 127.5% APR. The Lender shall have a first lien on the LOC until such time the LOC matures, is refinanced, or bought out by the Company.
With the LOC, Title King's first flagship store will have the power to aggressively solicit new loans through local marketing, offer to "buy-out/refinance" borrowers from competition and solicit to purchase existing portfolios from other storefronts. The Lenders are open to increasing the amount of the LOC if a qualified acquisition is identified, which the Company continues to pursue.
BestTitleDeal App: The Company has asked that its tech team create a tutorial on the App that will instruct users how to download the App, create an account, apply for a loan and the ultimate benefits to the Company once it enters cross marketing agreements with local insurance partners and beyond. The App allows Title King to tap into the broader $6B title loan industry.
Filings: The Company has also paid a substantial deposit to its auditors to begin the process of auditing missing periods in the Company's most recent years. The Company is committed to returning to a fully reporting status and a higher OTC tier.
Jeff Canouse, CEO, commented: "Clearly a lot of work has been going on behind the scenes and securing this LOC is a truly significant milestone. Not only will the LOC give our flagship store the muscle it needs to get cash flow positive, but it also gives us the confidence to truly plan for additional stores. At a One Hundred Twenty-Seven percent (127%) APR, having Two Hundred Fifty Thousand ($250,000) out in loans is a huge deal. Investors can also look forward to more updates in the near term regarding important progress with our BestTitleDeal app."
About New America Energy Corp
Based in Atlanta GA, through its title loan subsidiary, Title King, LLC, provides short-term high interest loans to consumers through the collateral use of car and truck titles. The Company operates in the alternative financial services industry, providing automobile title loans to consumers who own their vehicle free and clear and need convenient and simple access to funds. Other products offered in this industry include other forms of consumer loans, check cashing, money orders and money transfers. Consumers who use alternative financial services are often referred to as "underserved" or "underbanked" by banks and other traditional financial institutions. With store operations expected to expand throughout the South East, Title King expects to provide short-term loans to a wider reach of consumers. www.titlekingloans.com
