The origins of the Summit family of Companies dates back to 1979, with the creation of the consumer finance arm of the Pacesetter Corporation, which eventually became AmeriFirst Home Improvement Finance (“AmeriFirst”). In December 2016, SAF Holdings, LLC (“SAF”) was founded as the parent company for both the Summit bulk consumer loan portfolio acquisitions business and the AmeriFirst home improvement loan origination and consumer loan servicing businesses.
SAF’s “bulk” consumer loan portfolio acquisition business takes place under Summit Consumer Receivables Acquisitions, LLC (“SCRA”). SCRA was founded in 2016 to continue the Summit companies’ portfolio acquisition legacy from its predecessors Summit Investment Services and Summit Alternative Investments, which have been acquiring consumer loan portfolios since March 2007 and together have sourced over $1 billion in acquisitions. SCRA is headquartered in Reno, Nevada, and partners with a select group of sophisticated institutional investors for its acquisitions, and has the ability to co-invest alongside them as well. SCRA sources receivables portfolios through its expansive network of contacts worldwide, and typically performs the pricing, analytics and ongoing loan servicing for its acquisitions.
AmeriFirst is responsible for SAF’s home improvement loan origination and consumer loan servicing business. Prior to becoming a national full-service lender in 2006, AmeriFirst had already accumulated three decades of experience building competitive consumer finance programs in the home improvement industry. Headquartered in Omaha, Nebraska, AmeriFirst was acquired from its founding family in 2013. As a specialty finance company focused on leveraging the experience gained from over four decades of originating and servicing over $2 billion of home improvement loans, AmeriFirst is a leader in the home improvement finance industry.
SAF also provides comprehensive data analytics on existing “bulk” portfolios of consumer loans, new “flow” originations of consumer loans, and as an ancillary service to loan servicing for clients. SAF’s data analytics solutions include advanced loan portfolio analysis, delinquency and default projections and portfolio pricing, Key Performance Indicator (“KPI”) development and analysis, and other metrics and tools to better understand and evaluate a portfolio.
The team at SAF, through its subsidiary AmeriFirst, has decades of experience in developing consumer finance programs and servicing consumer loans, and through its subsidiary SCRA, has decades of experience with consumer loan portfolio acquisitions for a variety of product verticals, and financial data analytics and modeling, as described in the diagram below. The merging of the Summit and AmeriFirst teams’ deep experience under SAF enables the creation of exceptional value for all the clients and partners SAF serves.