BridgePoint Financial Services and Equitable Bank partner on $60 million secured credit facility
March 11, 2020 | Bridgepoint Financial |Posted in Insights
TORONTO, March 6, 2020 — BridgePoint Financial Services Inc. (BridgePoint) is pleased to announce that it has closed a $60 million senior secured credit facility with Equitable Bank (Equitable) to support the recapitalization and growth of BridgePoint Financial Services Limited Partnership 1, Canada’s leading provider of specialized loans for the legal services market with a focus on loans and credit facilities to plaintiffs and legal practices. Equitable, through its Specialized Finance group, acted as the sole lead arranger of the facility.
“We are very excited to partner with Equitable,” said John Rossos, Co-Founder and Principal of BridgePoint. “Our business is not a traditional lending business and it is difficult for conventional banks to understand what we do and how we do it. Equitable has a dynamic view of the market and has demonstrated its ability to offer innovative solutions. This partnership will enhance our ability to facilitate access to justice for our clients.”
“BridgePoint is a leader in Canada’s burgeoning litigation finance industry and their long track record of high performance makes them an outstanding partner,” said Andrew Moor, President & CEO of Equitable. “As Canada’s Challenger Bank this credit facility appealed to us as it is not correlated with our more typical real estate backed assets and includes a diverse portfolio of secured assets in an area not typically well-served in Canada. The structure of the transaction provides attractive capital to BridgePoint while being within Equitable’s risk appetite.”
Since 2005, BridgePoint has been a preeminent provider of innovative, client-focused financing solutions to Canadian legal markets. This partnership highlights BridgePoint’s latest achievement, positioning the company for accelerated growth in its existing business lines and supporting its expansion into additional areas of litigation finance.
About BridgePoint Financial Services
BridgePoint Financial Services is Canada’s leading provider of litigation financing solutions designed to meet the specialized needs of plaintiffs, lawyers and the experts involved in advancing legal claims. BridgePoint’s goal is to level the litigation playing field and to protect its clients’ rights to full and fair access to justice.
To learn more, please visit bridgepointfinancial.ca.
About Equitable Bank
Equitable Bank is a wholly-owned subsidiary of Equitable Group Inc. (TSX: EQB and EQB.PR.C), a Schedule I Bank regulated by the Office of the Superintendent of Financial Institutions with total Assets Under Management of over $33 billion. Equitable serves retail and commercial customers across Canada with a range of savings and lending solutions, offered under the Equitable Bank, EQ Bank, and Equitable Trust brands.
Equitable’s commercial lending business consists of Conventional Commercial, Insured Multi-unit Residential, Specialized Financing, and Equipment Leasing assets. Equitable’s retail lending business consists of Alternative Single Family Lending, Prime Single Family Residential, and its decumulation businesses.
To learn more, please visit equitablebank.ca.Insights