FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

Encina Lender Finance Provides $50MM Senior Credit Facility to Crossroads Financial

Date: Jan 19, 2022 @ 07:55 AM
Filed Under: Lender Finance

Encina Lender Finance (“ELF”), provided a $50 million senior credit facility with an accordion feature for an incremental $50 million in potential capacity to Crossroads Financial LLC (“Crossroads”), the industry-leading provider of inventory-only revolving credit facilities in the below $10 million size range to companies nationwide and the preferred partner to factoring companies and accounts receivable lenders. ELF’s credit facility closed simultaneously with a mezzanine debt facility from a different lender.

Based in South Florida and building on its 15+ year lending history, Crossroads has been an innovative disruptor in an underserved industry that had primarily catered to companies seeking inventory loans over $10 million. Recognizing the needs of the SMB market, Crossroads has become the premier lender in the fast-growing market for inventory loans in the below $10 million size range. Furthermore, Crossroads was the first inventory lender to recognize the needs of the factoring and accounts receivable finance community by creating inventory-only programs that supplement their facilities, providing increased availability to clients that they might otherwise lose.

“Working with Encina was an easy choice for us,” said Lee Haskin, Founder and CEO of Crossroads.“This relationship gives us the ability to offer more competitive rates and quicker turnaround. Further, the team at Encina understands our product and the specialization required to manage and service our portfolio.”

“Encina Lender Finance is pleased that the Crossroads team has trusted us to help them expand their already successful platform,” stated John Thomas, President and Chief Risk Officer at ELF. “Crossroads has an exceptional track record and reputation in providing inventory solutions to businesses that do not qualify for traditional bank financing, and we look forward to working with Lee Haskin and his team to continue scaling their business.”




Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.