FUNDING

Pivotal Capital Secures $55 Million in Funding Facilties

Pivotal Capital, Axis Auto Finance, Mitsubishi HC Capital Canada | July 08, 2022 | Read time : 04 min

Funding Facilties
Axis Auto Finance Inc. (“Axis” or the “Company”) (TSX: AXIS), a fintech lender servicing the alternative auto finance market, announced today that its wholly owned subsidiary, Pivotal Capital Corp. (“Pivotal”) has secured an additional Funding Facility (the “Facility”) with Mitsubishi HC Capital Canada, Inc. (“MHCCA”).

Pivotal is an independent Canadian commercial equipment finance company active across the transportation, construction, manufacturing and food services sectors. The Facility adds to Pivotal’s existing funding relationships. Unique in the Canadian marketplace, Pivotal can lend across the credit spectrum with rates from investment grade to sub-prime.

Facility highlights include a Purchase facility, with capacity of up to $50 million in annual purchases, and a Warehouse facility, with a limit of $5 million. The Facility will be used to finance and purchase the payment receivables generated from commercial finance contracts.

“The addition of this Facility means that Pivotal has on balance sheet funding capacity in excess of $100 million. This will drive our aggressive growth plans for fiscal 2023 and continue our national expansion. This is the next step in becoming Canada’s largest independent equipment finance company,” said President Steven Koster.

CEO Todd Hudson stated “Adding the $55 million in funding is an important strategic step for Pivotal. As Pivotal’s presence in the market grows, expanding our lending capabilities is crucial. This Facility will enable Pivotal to pursue even greater market share.”

“We are proud to be part of Pivotal’s growth strategy,” said François Nantel, President Mitsubishi HC Capital Canada. “Pivotal is a significant player in the equipment finance industry and we believe this will be a mutually beneficial relationship.”

About Pivotal Capital
Pivotal is a wholly owned subsidiary of Axis Auto Finance (TSX: AXIS). With offices in Toronto, Montreal, Calgary and Vancouver, Pivotal is a national commercial equipment finance company, active across the transportation, construction, manufacturing and food services sectors. Further information on Pivotal can be found at https://www.pivotalcapitalcorp.com

About Axis Auto Finance
Axis is a financial technology company changing the way Canadians buy and finance used vehicles. Through our direct-to-consumer portal, DriveAxis.ca, customers can choose their next used vehicle, arrange financing, and get the car delivered to their home. In addition, the company continues to grow B2B non-prime auto loan originations by delivering innovative technology solutions and superior service to its Dealer Partner Network. All Axis auto loans report to Equifax, resulting in over 70% of customers seeing a significant improvement of their credit scores.

Further information on the Company can be found at https://www.axisfinancegroup.com/investors-press-releases/.

About Mitsubishi HC Capital Canada
Mitsubishi HC Capital Canada is a specialty finance company that brings a consultative approach and expertise to customers of all sizes to help their businesses grow every day. Serving as a collaborative partner, we provide customized financing solutions for a wide range of industries, including manufacturing, construction, work trucks/transportation, IT, staffing, healthcare and clean technology/mobility.

Spotlight

Architects face a wide range of risks every day. They must protect their firms against litigation alleging negligence, protect their offices against theft or destruction of property, protect against personal risks ranging from health and disability to life and retirement - and share similar concerns regarding their own employees. Newer and perhaps lesser-known but nonetheless virulent risks also exist - such as those inherent in unproven sustainable products and design, the changing standard of care, hidden electronic “meta” data in our offices, contracts that imply a fiduciary duty, and others. What are all of these risks that can jeopardize the future of one’s practice, one’s firm, and one’s own financial well-being? And once aware of possible risks, what actions should one take? What are the major considerations - including the cost of mitigating those risks - or the cost of ignoring them?


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CORE BANKING

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Green Check Verified Partners with HSLC to Strengthen Cannabis Business Compliance

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FINANCIAL MANAGEMENT

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Spotlight

Architects face a wide range of risks every day. They must protect their firms against litigation alleging negligence, protect their offices against theft or destruction of property, protect against personal risks ranging from health and disability to life and retirement - and share similar concerns regarding their own employees. Newer and perhaps lesser-known but nonetheless virulent risks also exist - such as those inherent in unproven sustainable products and design, the changing standard of care, hidden electronic “meta” data in our offices, contracts that imply a fiduciary duty, and others. What are all of these risks that can jeopardize the future of one’s practice, one’s firm, and one’s own financial well-being? And once aware of possible risks, what actions should one take? What are the major considerations - including the cost of mitigating those risks - or the cost of ignoring them?

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