PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with a Canadian commercial leasing company to act as Backup and Successor Servicer for an approximate $75M commercial lease portfolio, comprised primarily of middle market leases. Terms of the agreement remain confidential.
PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer installment finance transactions since 1992. John Enyart, President of PFSC, commented, “We have been serving the Canadian marketplace since 2011, providing both primary and backup servicing to the commercial and consumer marketplace. This portfolio fits squarely within our commercial lease servicing capabilities and we appreciate the opportunity to be of service to this client and their capital provider”.
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the lender. 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. and Canada. PFSC provides a comprehensive suite of services including primary servicing, successor servicing, and backup servicing. PFSC also provides certain focused services such as document custodianship and verification agent services, multi-state vehicle titling and multi-state sales/use and personal property tax reporting and compliance. For more information, visit www.pfsc.com.