PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has executed a multi-year Backup and Successor Servicing Agreement with a specialty finance company offering merchant cash advance financing to commercial accounts throughout the U.S. Terms of the agreement remain confidential.
Commenting on this new engagement, John Enyart, President of PFSC, stated, “The merchant cash advance product represent a specialty lending niche in which PFSC has servicing expertise, leading to our selection as backup servicer. Our client is well capitalized and is experiencing strong demand for its product. We appreciate being selected for this important engagement and we look forward to providing many years of outstanding service.”
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the client. As provided for in the transaction documents, PFSC would assume successor servicing duties should certain substantive events occur.
About Portfolio Financial Servicing Company
Portfolio Financial Servicing Company (“PFSC”) is a third party private label servicer of commercial and consumer leases, loans and annuity type transactions (inclusive of structured settlements, lottery prize, and royalty-based receivables). Since 1992, PFSC has serviced billions in asset value for a diverse group of clients across the U.S. PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing. PFSC also provides certain a la carte services such as document custodianship, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com.