Crestmark Provides More Than $15.1MM in Commercial Financing in Second Half of February

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March 06, 2019, 09:00 AM

Filed Under: Industry News

Crestmark secured a total of $1,700,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $1,829,207 in two new lease transactions; Crestmark Vendor Finance provided $5,074,866 in 48 new lease transactions; and the Government Guaranteed Lending Division provided $6,550,000 in financing for three new clients in the second half of February.

Crestmark’s asset-based lending division:

On Feb. 19, a $50,000 accounts receivable purchase facility was provided to a trucking company in Kentucky. The financing will be used for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a startup trucking company in Kentucky on Feb. 19. The financing will be used for working capital purposes.
On Feb. 20, a $350,000 accounts receivable purchase facility was provided to a startup trucking company in Kentucky. The financing will be used for working capital purposes.
A $1,000,000 ledgered line of credit facility was provided to a distributor of outdoor cooking equipment in Georgia on Feb. 26. The financing will be used to pay off an existing lender and for working capital purposes.
On Feb. 28, a $150,000 accounts receivable purchase facility was provided to a trucking company in North Carolina. The financing will be used for working capital purposes.

Crestmark Equipment Finance:

On Feb. 19, a $775,281 new lease transaction was completed with a fitness club in the northeastern U.S. The financing will be used for capital equipment.
A $1,053,926 new lease transaction was completed with a software and IT company in the midwestern U.S. on Feb. 27. The financing will be used for IT equipment.
Crestmark Vendor Finance funded $5,074,866 in 48 transactions in the second half of February.

The Government Guaranteed Lending Division:

On Feb. 28, a $3,400,000 USDA Business & Industry (B & I) loan facility was provided to a solar energy developer in Texas. The financing will be used to provide permanent debt for a 14.263 MW DC solar farm, which has a utility company as the offtaker.
A $150,000 SBA 7(a) term loan facility was provided to a financial advisory firm in California on Feb. 28. The financing will be used for working capital purposes.
On Feb. 28, a $3,000,000 USDA B & I loan facility was provided to a solar energy developer in Texas. The financing will be used to provide permanent debt for a 14.263 MW DC solar farm, which has a utility company as the offtaker.