Exeter exes muscle in on subprime autos

By Matthew Scully
03 Apr 2014

Two former executives of Exeter Finance Corp are pushing ahead with a subprime auto startup that, if all goes well, could become another new issuer in an already crowded securitization market. But while keen to build a long-term programme, Praxis Finance Corp — founded by Daniel Parry and Steve Moses — is still at least three years away from a debut issuance.

Grapevine, Texas-based Praxis is in talks to finalise debt and equity funding by this summer. Those financing lines would guarantee up to a combined $450m that will will be used to start acquiring portfolios in the autumn.

Equity investors would help finance $150m over five years and a ...

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