The Bank's Specialized Finance group closes $60M Credit Facility
TORONTO, March 5, 2020 /CNW/ - Equitable Bank, Canada's Challenger Bank™, is pleased to announce it acted as the sole lead arranger of a $60 million senior secured credit facility to support the recapitalization and growth of BridgePoint Financial Services Inc. (BridgePoint), Canada's leading provider of specialized loans for the legal services market with a focus on loans to individuals involved in personal injury claims and loans/credit facilities to law firms.
"BridgePoint is a leader in Canada's litigation finance industry and their long track record of high performance makes them an outstanding partner," said Andrew Moor, President & CEO of Equitable Bank. "As Canada's Challenger Bank this credit facility was attractive to us as it is non-market correlated and includes a diverse portfolio of secured assets in an area not typically well-served in Canada."
"We are very excited to partner with Equitable," said John Rossos, Co-Founder & Principal of Bridgepoint. "Our business is not a traditional lending business and it is difficult for conventional banks to understand what we do and how we do it. Equitable has a dynamic view of the market and has demonstrated its ability to offer innovative solutions. This partnership will enhance our ability to facilitate access to justice for our clients."
This partnership highlights Equitable Bank's latest achievement by its growing Specialized Finance group and demonstrates how it continues to challenge traditional banking. In the spirit of creating unique opportunities that generate value for Canadian businesses, Equitable Bank's Specialized Finance group focuses on offering secured financing solutions to specialty lenders to finance their growth.
About Equitable Bank
Equitable Bank is a wholly-owned subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C) (Schedule I Bank regulated by the Office of the Superintendent of Financial Institution) with total Assets Under Management of over $33 billion. The Bank serves retail and commercial customers across Canada with a range of savings and lending solutions, offered under the Equitable Bank, EQ Bank, and Equitable Trust brands.
The Bank's commercial lending business consists of Conventional Commercial, Insured Multi-unit Residential, Specialized Financing, and Equipment Leasing assets.
The Bank's retail lending business consists of Alternative Single Family Lending, Prime Single Family Residential, and its decumulation businesses.
To learn more, please visit equitablebank.ca.
About BridgePoint Financial Services
BridgePoint Financial Services Inc. is Canada's leading provider of litigation financing solutions designed to meet the specialized needs of plaintiffs, lawyers and the experts involved in advancing legal claims. BridgePoint's goal is to level the litigation playing field and to protect its clients' rights to full and fair access to justice.
SOURCE Equitable Bank