FLOCK Specialty Finance announced today that it has closed on a new senior debt facility with MidCap Financial Services, LLC. FLOCK is an Atlanta-based, alternative funding provider of capital and expertise for the purchase of both charged-off debt portfolios as well as for the financing of subprime consumer obligations. The new funding represents a significant increase in senior debt capital for FLOCK, nearly doubling its deployment capacity.
“Our new relationship with MidCap takes our specialty finance company to a whole new level of growth, providing a wider menu of offerings in a broader array of complementary asset classes. It ensures that we will have capital solutions aligned with our clients, supporting their future growth strategies,” said Michael Flock, Chairman and CEO of FLOCK Specialty Finance. “This financing provides three big benefits for clients. First, it enables FLOCK to finance new asset classes including subprime performing auto loans, merchant cash advances, student loans, commercial lending and second lien mortgages. Second, the new structure provides more flexibility by permitting FLOCK to use other capital sources to fund asset classes traditionally excluded from senior lines, such as charged-off high APR consumer debt portfolios. Third, it enables FLOCK to offer different financing structures including on-balance sheet funding to complement our traditional off-balance sheet SPV solution. With these three new capabilities, FLOCK is in a much better position to participate in our clients’ capital decisions and support their growth plans.”
As consumer credit levels continue to rise steadily, the debt buying industry is poised for new growth. FLOCK believes its new funding capacity positions it to help debt buyers grow more effectively and efficiently to serve this expanding market. “We are very impressed by FLOCK’s unique combination of industry acumen and data analytics, and its commitment to partner with high-growth, high-integrity debt buyers to meet their funding needs,” said J.D. Gettmann, Managing Director at MidCap Financial Services, LLC. “FLOCK’s motto is ‘More than a transaction’ and we’re pleased to partner with Michael and his team as they continue to transform the way these businesses access capital and benefit from value-added intelligence and industry expertise.”
About FLOCK Specialty Finance
FLOCK Specialty Finance is dedicated to alternative funding in a variety of specialty finance segments. FLOCK’s mission is to provide clients with capital and expertise for the purchase of both charged off debt portfolios as well as for the financing of subprime consumer obligations. FLOCK believes its funding is “More Than a Transaction”. FLOCK’s proprietary financing structure provides growth-minded clients with a competitive advantage in multiple asset classes. Founded in 2007, FLOCK is headquartered in Atlanta, GA. http://www.flockfinance.com
About MidCap Financial
MidCap Financial is a middle market-focused, balance sheet lender that provides debt solutions to companies across all industries. The company’s subsidiary, MidCap Financial Services, LLC is headquartered in Bethesda, MD, with regional offices in Atlanta, Charlotte, Chicago, Los Angeles, New York and San Francisco. The company focuses on the debt needs of the middle market in five areas:
