On September 15, 2016, Financeit announced the acquisition of TD Bank’s indirect home improvement financing assets by Financeit, a leading cloud-based point-of-sale financing platform, and Concentra, a leading wholesale finance and trust solutions provider for Canada’s credit unions. TD’s indirect home improvement financing assets have a book value of $339 million.
As part of the agreement, Concentra will purchase 45,000 TD loans, and more than 800 merchant dealers, including large retailers such as Home Hardware, will be assigned to Financeit.
Osler, Hoskin & Harcourt LLP represented TD with a team led by Kashif Zaman and included Kevin Whittam (Banking & Finance), Michelle Lally (Competition), Daniel Wong (Employment & Labour), D’Arcy Schieman and Colena Der (Taxation).