To Our Potential Investors,
Bridge City Lending is an auto lending company based out of Portland Oregon. We opened in October of 2015 and have had a phenomenal start. We mostly deal with first time buyers with no credit history, or individuals who have had credit issues in the past. The most common factors we see affecting our clients’ ability to qualify for lower rates are medical collections and defaulted student loan debt.
We work directly with the auto dealers on 95% of our loans. The dealer emails or faxes us a deal structure, which includes an application from the borrower and the cosigner, if they have one, the purchase price they are hoping to sell the car for, and any other information pertinent to the deal. To make our financing decision we go over the customer’s completed application and their credit report.
If we approve a deal and purchase the contract, we are listed as Security Interest Holder on the vehicle title, and we hold the title as collateral until the loan is satisfied. We require full coverage insurance at all times to protect our interest. When needed we use local repossession agents and liquidate the vehicles by selling them to local dealers or through auction.
As of now we are 100% privately funded and are always looking to take on new investors. Currently we pay between 6%-9% annual interest, based on the amount of money invested and the term of the loan. We have some investors who have chosen to receive principal and interest payments every month, some who just want the interest back and will receive the principal at the end of the term, and others who collect interest at the end of the life of loan.
If an investor chooses not to receive payments each month, the accruing interest would be added to the principal on a monthly basis. Most of our investors have chosen a 5-year term, but we are open to other options. We are flexible and can accommodate almost any level of investment comfort, payout style, or term length.
Please feel free to call or email with any questions
Matt
Bridge City Lending
503.766.6262
