Unicorn Financial - Scura, Rise & Partners, LLC acted as Sole Arranger and Manager of the Facility
- Unicorn Financial Services has a unique business that provides financing for individuals having elective medical procedures. Prior to our involvement, the company was financing its portfolio with a non-bank finance company line.
- We structured a facility incorporating elements of both credit card and trade receivable securitization.
- We worked closely with the purchaser, a global commercial and investment bank, and the rating agencies to complete the financing for this new and unique asset class.
- As a result, Unicorn’s financing costs were cut by over 65%, and the advance rate improved by about 20%.
- The facility is sized at $60 million and will go to $100 million in year two.
Plymouth Financial - $250,000,000 Participating Warehouse Facility
Scura, Rise & Partners, LLC assisted our affiliate Company, Plymouth, in structuring and placing the Facility
- Plymouth was the largest purchaser of tax liens in the United States.
- SRP identified, structured and negotiated this facility on very attractive terms.
Plymouth Financial - $111,215,000 Tax Recievables 2002 - A Trust Tax Recievables Collateralized Bonds
Scura, Rise & Partners, Securities structured the Notes and acted as Co-Placement Agent
- SRP structured a unique tax lien securitization to allow Plymouth to purchase all the delinquent tax liens of Los Angeles County, California.
- By combining asset securitization and municipal financial expertise, SRP secured AAA ratings for both S&P and Moody’s and an extremely low funding cost.
- Among the unique and first-to-market aspects of the transaction;
- The collateral was LA County’s promise to pay, rather than actual tax liens;
- The transaction closed on the acquisition date; no tax lien warehouse was involved; and
- Plymouth received substantial cash proceeds on closing in excess of its acquisition costs and all fees.