As Tax Reform Puts Focus on Property Taxes, Entrepreneur Red McCombs Re-Invests in San Antonio-Based Propel Financial Services, a Property Tax Lending Specialist

SAN ANTONIO, Jan. 31, 2018 /PRNewswire/ -- Propel Financial Services, the long-time leader in the Texas property tax lending market, has closed a new investment round with noted Texas entrepreneur, Red McCombs.  The investment will fund growth, service, and outreach initiatives, as recent changes to federal and state property tax laws bring greater attention to Texas' high property taxes.

Propel Financial Services offers flexible financing options to Texas homeowners and businesses seeking to pay property taxes. The company is expanding to meet seasonal demand for property tax loans, which Propel expects to increase as state property taxes continue to climb.  Moreover, changes to federal tax law that cap property tax deductions may put further strain on Texas property owners.

Mr. McCombs, who previously invested in Propel, said:

"I couldn't be prouder to be part of Propel again.  The company has a great leadership team and a platform that provides a valuable product to Texas property owners.  Propel has been the dominant player in their industry for a long time because they know how to treat their customers and have developed a tremendous reputation and goodwill." 

Jack Nelson, Propel Financial Services co-founder and CEO said:

"Whenever Texans need help paying property taxes and avoiding penalties, fees, and interest for delinquent taxes, we are on hand as the largest and most trusted regional provider to offer loans through our Propel Tax and Rio Tax brands.  We are expanding operations, as well as building a loan servicing division, to better manage our portfolio and serve our customers."

About Propel Financial Services and Red McCombs

Founded in 2007, Propel Financial Services is the nation's largest property tax lender.  Through its Propel Tax and Rio Tax brands, the company has helped over 50,000 property owners in 170 Texas counties finance $600 million in property taxes.  Propel has financed over $1B in property taxes across the United States

Red McCombs is the founder of Red McCombs Automotive, former owner of the San Antonio Spurs, Denver Nuggets, and Minnesota Vikings; founder of Clear Channel Communications, and namesake of the McCombs School of Business at The University of Texas at Austin.  He has owned more than 400 businesses and continues to grow that number.

Contact:

Jack Nelson
Chief Executive Officer
(210) 581-7744
[email protected]

SOURCE Propel Financial Services