Account Portfolio Management, LLC Receives $10 million Financing Facility to Purchase Debt

Debt purchaser Account Portfolio Management, LLC (APM) yesterday announced the signing of $10 million in financing to facilitate the purchase of charged-off consumer receivables. The financing came from a private equity source.

APM is the debt buying arm of vCollect Global, Inc., a national debt collection agency. Formed about two months ago, APM has been internally financed to date. This new facility will allow the firm to seek out larger portfolios across broader asset classes. The portfolios will be collected by vCollect.

Michael Chiodo, Managing Member of APM, said in a press release, “We are very excited about the opportunity that this new facility brings. There are a number of asset types and classes that we have been creating inroads with and now with the help of our lender we can convert those to purchase opportunities.” Chiodo told CollectionIndustry.com today that the firm has been looking at lease deficiencies and property management fees in addition to other asset classes. Mr. Chiodo is also the CEO of vCollect Global, Inc. and previously held vice president and management positions at Garnet Capital and NCO respectively.

Larry Weil, APM’s other Managing Member, said in the release, “We have consistently performed well with all contingency placement and legacy purchase portfolios that I believe we will have no problem duplicating this on a grander scale.” Mr. Weil is also the Director of Operations for vCollect Global, Inc. and has previously been a Collect America franchisee.

Echoing Weil’s comments, Chiodo said today, “This new facility may prompt an expansion of our collection capabilities in the near future.”

Both APM and vCollect are headquartered in Princeton, NJ.