PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement with a specialty finance company to act as Backup Servicer and Custodian for an approximate $90M commercial loan facility, comprised primarily of structured middle market loans. 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 worked closely with this client and their lender since 2006, providing both backup servicing and custodial services. We are delighted both parties again selected PFSC to perform these critical roles as a component of this new credit facility”.
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the lender. PFSC will also receive, certify and retain all chattel paper and ancillary documents for all loans pledged to the credit facility. 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.