Auto specialty finance firm Consumer Portfolio Services (CPS) is using a unique funding structure that is a hybrid of a warehouse facility and a term transaction.

The $50 million deal was structured by Cohen & Co. The thing that is different about this particular transaction is that it allows investors to buy into the warehouse facility up to a certain amount that will eventually be drawn down, said John McWilliams, a managing director at Cohen. The term of the deal is for the life of the loans backing it.

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