PORTLAND, OR. Portfolio Financial Servicing Company (“PFSC”) announced today that it has entered into a definitive agreement to act as Backup and Successor Servicer for a leading specialty finance company offering merchant cash advance financing to commercial accounts throughout the U.S. Merchant cash advance loans represent a specialty lending niche in which PFSC has servicing expertise, leading to its selection as Backup Servicer.
PFSC has been a leading provider of primary, backup, and successor servicing for commercial and consumer equipment finance transactions since 1992. John Enyart, President of PFSC, commented, “The merchant cash advance product is somewhat unique from a servicing perspective; we are very pleased that our client and the investor recognize our servicing capabilities related to this distinctive product. Our client has assembled a talented team of professionals who we look forward to working with for years to come”.
Under the new facility, PFSC will perform data mapping, coding, development and ongoing data receipt and reconciliation functions for the benefit of the investor and 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.