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TRADE X Secures Additional Debt Financing from Forbright Bank and a Global Asset Management Firm to Fuel its Expansion
TRADE X Secures Additional Debt Financing from Forbright Bank and a Global Asset Manageme...
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[{"type":"text","content":"\n \n \n \n TRADE X Secures Additional Debt Financing from Forbright Bank and a Global Asset Management Firm to Fuel its Expansion\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n New lines of credit in aggregate totaling\n \n US$50 million\n \n , with an accordion feature up to\n \n US$100 million\n \n , will advance TRADE X's mission to simplify and streamline vehicle trading across countries and continents.\n \n \n \n \n TORONTO\n \n ,\n \n Nov. 30, 2021\n \n /CNW/ --\n \n Trade X Group of Companies Inc\n \n . (TRADE X), a B2B cross-border automotive trading platform, today announced that it has received two additional asset-backed lines of credit to fuel its growth in\n \n North America\n \n and globally. Both are senior secured revolving lines of credit of\n \n US$25 million\n \n each, with an accordion feature to expand up to\n \n US$50 million\n \n . The financings will advance TRADE X's mission to simplify and streamline vehicle commerce across countries and continents.\n \n \n \n \n \n \n \n \n \n The first bank line of credit is designated for expansion from\n \n Canada\n \n throughout the US, and was provided by Forbright Bank, a financial institution recently rebranded from Congressional Bank. The second line of credit is earmarked for expansion in\n \n Europe\n \n ,\n \n Africa\n \n , the\n \n Middle East\n \n , and\n \n Asia\n \n , and was provided by a global asset management firm with over\n \n US$100 billion\n \n in assets under management.\n \n \n TRADE X provides the entire B2B ecosystem – car dealers, OEMs, large fleet owners, multinational rental car companies, and mobility solution providers – with a secure, compliant and streamlined platform that handles all the logistics required in buying and selling pre-owned vehicles internationally. This includes trade financing, compliance, international payments, engaging registered importers, anti-money laundering regulations, vehicle inspection, digital trade documentation, and homologation. By standing as the trusted third-party escrow, TRADE X pro...