Increased credit facility comes on the heels of BridgePoint’s strong performance throughout the pandemic and the introduction of inheritance loans and expropriation financing business lines.
December 21, 2020
TORONTO, December 21, 2020 – BridgePoint Financial Services Inc., the general partner of BridgePoint Financial Services Limited Partnership I (“BridgePoint”), Canada’s leading provider of specialized loans for the legal services market, is pleased to announce that BridgePoint’s senior secured credit facility was recently increased to $100 million to support key growth initiatives for 2021.
The original $60 million facility closed in late February 2020. Despite the significant and destabilizing impact the COVID-19 pandemic has had on the Canadian legal services sector since March 2020, BridgePoint has continued to experience strong financial performance within its well-established personal injury market, as well an accelerating pipeline of opportunity in its developing markets for inheritance loans and expropriation financing. BridgePoint’s increased availability will power its ambitious growth strategy for 2021.
“Our ability to significantly expand the size of our senior credit facility within eight months of its initial closing clearly validates the strength of our business and the exciting opportunities for continued growth as we increase penetration in our existing markets and expand into new areas, and also demonstrates our senior lender’s clear understanding of our business.”, said John Rossos, Co-Founder and Principal of BridgePoint. “It further reflects the quality of our team and our significant investments in technology and infrastructure to support the accelerating growth of our business. Since March, we have demonstrated our leadership as an innovator in the legal services market, with an unwavering commitment to facilitating access to justice.”
In the second half of 2020, BridgePoint launched two new products – inheritance loans and expropriation financing. “These products offer an invaluable and timely source of financing for beneficiaries or executors who require liquidity pending the final distribution of an estate, or for businesses and individuals facing significant economic losses arising from the expropriation of their properties or interruption of their operations”, said Andrew Shortreid, Chief Financial Officer of BridgePoint. “Our talented team continues to identify increasingly novel and innovative ways to underwrite legal risk for clients and advance funds that enable them to meet their current needs while they fight to obtain fair compensation.”
About BridgePoint Financial
Since 2005, BridgePoint Financial has been the leader in Canada's litigation finance market, offering a range of innovative consumer and business funding solutions to the legal services market coupled with an unwavering focus on client service. As a vocal advocate for access to justice, BridgePoint’s contributions to the rapidly evolving legal industry include unparalleled relationships with legal industry titans looking for novel financing initiatives and who value BridgePoint’s continued efforts to innovate and develop technology-based applications to make their practices more efficient.
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