ATLANTA — FLOCK Specialty Finance, a leading financing company for middle market debt buyers and collection agencies, announces the recapitalization of Velocity Portfolio Group, Inc., a debt buyer based in Wall, NJ.
FLOCK facilitated and provided funding for the $20 million recap of Velocity’s existing inventory of portfolios. As part of this agreement, FLOCK will become a financial partner and strategic advisor for Velocity’s future purchases of charged off debt portfolios.
Jim Mastriani, President of Velocity stated that:
The FLOCK team provided Velocity with a very competitive financial solution for our company, and they were very easy to work with. In today’s business climate, it is essential to partner with a specialty finance group that knows how to help grow your business. FLOCK not only has the capital, but their understanding of our business makes for a good strategic partner.
FLOCK Specialty Finance’s Chairman and CEO, Michael Flock, commented:
Velocity’s experience and expertise in legal collections are first rate. We look forward to focusing our resources on their strategic growth plans and helping them build new client relationships.
About FLOCK Specialty Finance:
FLOCK’s mission is to provide clients with capital and expertise needed to optimize both portfolio purchases and the company’s financial value. FLOCK is “more than a transaction”.
For additional information, please contact:
About Velocity Portfolio Group
Founded in 2003, Velocity Recoveries has more than ten years of experience using a legal focused strategy to convert distressed receivables to cash. Their combination of a proven legal network, sophisticated analytics, and a strong focus on individual client attention work together to maximize the value of their client’s receivables.
After ten years, Velocity considers their network to be “best of class,” with work standards, home office support and incentives that make it easy for attorneys to pursue accounts efficiently. Velocity constantly monitors the performance of its affiliated law firms and consistently works with those firms to maximize collections.