Magnolia Finance, LLC (“Magnolia Finance” or the “Company”) is a Texas Limited Liability Company that has been established to provide an offering for investors to participate in the subprime auto finance market. The Company will achieve a rapid start by purchasing qualified contracts from an existing operation called Family Auto Credit, LLC (“Family Auto Credit” or “FAC”). Family Auto Credit is owned by Christopher Inman, the principle owner of Magnolia Finance.
The core concept of Magnolia Finance is to leverage pooled funds to purchase secured assets at a discount. Central to management’s plan is to ensure all funds from its debt holders are secured by cash or assets purchased at a discount to market value. Two examples of such assets are pre-owned vehicles and performing notes purchased from auto dealers or in the market. The Company will provide three basic services to FAC and other selected BHPH (Buy Here, Pay Here) pre-owned auto dealers. These services include, but are not limited to: Floor planning, contract purchasing and management, and servicing of loan portfolios.
The goal of management is to generate profit based on successful purchases of notes and other financing activities. The Company acquires the financing to engage in these efforts by offering notes to qualified individuals.
