Transactions
October 2017
Addison, TX
received a $250mm credit facility from
White Plains, NY
Background
Cortex provides technology, analytics, and marketing services to financial clients in the consumer lending industry.
The Cortex online lending platform provides the tools for clients to fuel their online lending business, that includes new customer acquisition and underwriting, loan origination, and loan servicing tools.
Cortex’s board of directors and management engaged Marlin & Associates to advise them on the refinancing of an expiring warehouse credit facility. Cortex also wanted to significantly increase the size of the warehouse facility in order to grow the business.
The Marlin team connected the company with high-quality potential investors that spanned banks, hedge funds, specialty finance firms, credit funds, and other institutional investors. Ultimately, the strongest fit was with BasePoint Capital, a diversified direct lender based in New York. With the help of the Marlin team, BasePoint was able to quickly navigate diligence and provide a commitment to fund Cortex’s managed portfolios and significantly increased the size of the credit facility
Marlin worked with the company to analyze and scrub historical portfolio data and created a master copy of information for investors to review. The Marlin team also helped the company build a detailed, rigorous forecast model for each of Cortex’s managed portfolios in order to demonstrate the potential future performance and profitability of both the portfolio and Cortex.
Marlin also helped the company prepare a comprehensive credit presentation to aid in communicating both the track record of Cortex’s managed portfolio as well as Cortex’s business model and competitive differentiation.
The Marlin team advised the company on a disciplined, methodical process that ultimately resulted in a $250 million credit facility provided by a highly credible, experienced investor, BasePoint Capital.