FOR IMMEDIATE RELEASE
February 5, 2008
$15 Million Credit Facility For Springfield Financial Firm
The Freedom Financial Group, Inc (OTC-BB: FFGR)., of Springfield announces it has signed a $15 million, two-year, revolving credit facility with the Re Mark Capital Group LLC (“ReMark”), an affiliate of the Goldman Sachs Group,Inc.
The agreement was signed January 31, 2008. The facility is secured by automobile receivables originated by FFG in the Midwest.
“We are excited about the opportunity to work with ReMark,” said Jerry Fenstermaker, CEO and President of FFG. “This relationship enables us to fully develop our market presence in the Midwest and build out the business plan.”
FFG is a consumer finance company specializing in the acquisition, collection and servicing of sub-prime automobile loans purchased primarily from independent used car dealers. Fenstermaker explained: “We serve as an alternative source of financing for dealers who sell vehicles to customers who have past credit problems or might not be able to secure financing from traditional sources”
The credit facility will pay off an existing Heartland Bank loan while allowing expansion of FFG activities. The Company is the successor of Stevens Financial Group, Inc., which filed for Chapter 11 bankruptcy in March, 2001 and emerged as a public corporation in January 2003. FalconBridge Capital Markets, LLC of Dallas Texas, advised FFG in connection with this transaction and acted as placement agent for the credit facility.