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International law firm McDermott Will & Emery represented Obra Capital (Obra), a specialized alternative asset management firm with approximately $5.8 billion in capital under management, in providing financial backing for the acquisition by Arra Finance (Arra) of the auto financing division of Crescent Bank, a New Orleans-based FDIC-insured bank with approximately $1 billion in assets. This strategic investment equips Arra with the operational capacity and capital structure needed to deliver a comprehensive suite of financing solutions to auto dealers nationwide.
Arra is a subprime indirect auto finance company that purchases and services retail installment contracts originated by US automobile dealers and is a wholly owned subsidiary of Obra. This acquisition brings Crescent’s e-contracting, internal loan servicing, and accelerated auto-decision capabilities to the Arra platform, alongside advanced analytics and additional fraud protection tools in underwriting and funding.
The McDermott team was led by Jonathan Ching and Griffin Doty with invaluable assistance from Andrew Kummer, Josh Cohrs, Amber Bolden, and Doris Yuen.
Read Obra’s press release here.
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