Asta Funding, Inc., (NASDAQ:ASFI), a leading consumer receivables asset management and liquidation company, today announced that it has reached an agreement with its primary lender to increase its credit facility to $20 million from $10 million on more favorable terms.
Mitchell Herman, Asta Funding’s chief financial officer stated that the facility will be used in the future for strategic acquisitions of new consumer and commercial finance receivables. “In the past 60 days we were able to purchase two very attractive consumer receivable portfolios at substantial discounts and we will continue our disciplined strategy of evaluating and purchasing new portfolios.”
Gary Stern, president and CEO of Asta Funding commented: “With the additional $10 million increase to our credit facility, we believe we are extremely well positioned to take advantage of portfolio opportunities as they become available.”
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