History

The Summit Companies began with Summit Alternative Investments, LLC, (SAI) founded in early 2007, which was initially created to match investors interested in consumer loans with a private investment fund SAI founded, the Summit Consumer Receivables Fund, L.P. (SCRF). SAI’s current focus is prime and near-prime credits for delivered products and services across a variety of industries including home improvement, elective medical, jewelry, appliances, and many others, acquired through both smaller to medium-size existing portfolios of receivables, and “forward flow” programs focusing on originating new consumer loans with clients.

Summit Investment Management, LLC (SIM) was founded in December 2010 when Atul Minocha, the inventor of the VIXEK equities investment model, met Eric Gangloff who conceived the idea of leveraging the VIXEK model by creating a trading algorithm to use VIXEK to generate above-market public equities investor returns in a private investment fund format. After proving and fine-tuning its investment concept, SIM launched two private investment funds on January 1, 2013, and is building an attractive track record.

Summit Investment Services, LLC (SIS) was founded in 2012 with the goal of matching larger, more sophisticated institutional investors with larger portfolios of consumer receivables on a “managed account” basis, facilitating the sourcing, pricing and acquisition process, as well as the loan servicing and payment processing of the portfolios. SIS has assisted clients by performing consulting services in the consumer finance space, and has worked with multiple clients to help them source larger commercial loans and lines of credit.

Summit Consumer Receivables Acquisitions, LLC (SCRA) was established in 2016 to take the place of SIS for new investments with the goal of co-investing in and matching sophisticated institutional investors with larger portfolios of consumer receivables on a “managed account” basis, managing the sourcing, pricing and acquisition process, and the loan servicing and payment processing of the portfolios.

At the end of December 2013, Summit exercised an option to acquire AmeriFirst Home Improvement Finance Co. This marriage of Summit and AmeriFirst has brought to the Summit family of companies a loan servicing, payment processing and origination platform that has further increased Summit’s ability to add value for its consumer finance clients. The combined Company, merged under the umbrella of SAF Holdings, LLC builds on the franchises and brand names of both Summit and AmeriFirst and enables the scaling of originations and portfolio purchasing across a range of consumer verticals and in a variety of market conditions.