New America Energy Corp (OTCMKTS:NECA) Subsidiary Secures Line of Credit
New America Energy Corp (OTCMKTS:NECA) reported that Title King has finalized a Line of Credit for up to $250,000 to exclusively support future title pawn loans to clients. The line of credit will carry a 24-month period and will charge 2% monthly, but the firm will have the right to loan refinance at lower rates once a record of performing credits has been recognized.
All loans of the firm carry a 12.5% interest rate, which will lead in the firm netting 10.5% per month which is equivalent to 127.5% APR. The financier shall have an initial lien on the Line of Credit until such time it matures, is refinanced, or purchased by the firm.
With the line of credit, New America’s subsidiary first flagship outlet will have the control to aggressively ask new loans via local marketing, proposal to refinance/ buy-out borrowers from competition and ask to buy current portfolios from other storefronts. The Financiers are open to growing the amount of the line of credit if a qualified acquisition deal is recognized, which the firm continues to pursue.
New America has asked that its technical team develop a tutorial on the BestTitleDeal App that will tell customers how to get the App and create an account, then apply for loan and avail the ultimate advantages once it ventures into cross marketing deals with local insurance associates and beyond. The App enables Title King to move into the broader $6 billion title loan industry.
New America has paid a considerable deposit to its auditors to commence the procedure of auditing missing periods in the firm’s most recent years. The firm intends to achieve a fully reporting status and a better OTC tier in the coming period.
In the last trading session, the stock price of New America declined more than 16% to close the day at $0.00050.© Copyright 2016 OTC News Magazine. All rights reserved.