Alarm Financial Services, Inc. (AFS) has secured a new credit facility of $10 million with The PrivateBank.
AFS provides a range of financing services to small to medium-sized security alarm companies throughout the U.S. These programs include the purchase of alarm monitoring accounts as well as loans using alarm monitoring recurring monthly revenue as collateral. This new credit facility is specifically focused on growing the loan portion of AFS’ business, the company reported in a press release.
“We are very pleased to be entering into this new relationship with The PrivateBank. Our financing business continues to perform well and the demand for these services remains high, so we are positioning ourselves for continued growth,” said Jim Wooster Jr., president of AFS.
“AFS’s deep knowledge of the industry and long-term experience means Jim and his team understand the unique challenges that face alarm dealers as they look to grow their RMR base,” said Mark Melendes, head of The PrivateBank Security Industry Group. “We are pleased to provide financing to AFS as it grows its loan portfolio.”