TCF Inventory Finance, Inc. a subsidiary of TCF National Bank, has announced the creation of a new joint venture with The Toro Company (“Toro”) named Red Iron Acceptance, LLC. Red Iron will provide U.S. distributors and dealers and select Canadian distributors of the Toro and Exmark brands with a reliable, cost-effective source of floor plan and open account financing. In conjunction with the joint venture, TCFIF’s affiliate TCF Commercial Finance Canada, Inc., will provide floor plan and open account financing to dealers located in Canada.
Red Iron anticipates financing receivables beginning in the fourth quarter and TCFIF expects that balances from these receivables could exceed $75 million before the end of 2009. Red Iron will service nearly 3,500 of Toro’s channel partners serving the golf, sports field, municipal, landscape contractor and residential markets.
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