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TMGFS launches structured finance for CUSOs
DES MOINES, Iowa (9/22/10)--TMG Financial Services (TMGFS) has created CU Structured Finance LLC, which aims to help credit union service organizations (CUSOs) secure and collateralize their debt. CU Structured Finance provides a secured, line-of-credit approach to financing; access to capital beyond the capacity of individual CUSO owners; the ability to access credit as the need arises by expanding its lending syndicate; and market price for loan rates. The idea for the solution began after TMG launched its Collateralized Advance Program, to help fund the purchases of credit union credit card portfolios, according to Jeff Russell, TMGFS president/CEO. “The question I am asked most often is not why, but how,” he said. “The why is simple--there was simply not access to the type of funding we needed. The how is more complicated, but it was born out of necessity and has evolved into a significant benefit for credit unions looking to put their excess liquidity to work in the credit union industry.” TMGFS is offering a white paper, “Credit Unions and Collaboration: The Future of Investing Capital,” to provide a closer look at the need for credit unions to find different funding streams. A webinar about CU Structured Finance also will take place Oct. 5 at 1 p.m. CT.
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