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Chesswood Announces New Additional Funding Facility for Pawnee with Sun Life

July 23, 2019, 08:35 AM
Filed Under: Industry News
Related: Chesswood Group

Chesswood Group Limited announced the closing of a new funding facility with Sun Life Assurance Company of Canada for its subsidiary Pawnee Leasing Corporation. This new facility finances Pawnee's prime originations and provides additional annual funding for Pawnee of up to $80 million, with a cost of funds that are fixed at the time of each tranche.

Sun Life has been providing financing to Chesswood's Canadian finance business, Blue Chip Leasing, for many years and this new program for Pawnee is an extension of this long-standing relationship. Sun Life has been a leader in providing equipment finance facilities to many Canadian finance companies for over 25 years while gradually expanding their U.S. portfolio.  Sun Life is one of the largest insurance and asset management companies in the world.

"This additional capacity for Pawnee broadens our treasury resources, expands our capacity and improves Pawnee's over-all cost-of-funds in addition to locking in a fixed rate at the time of funding," said Barry Shafran, Chesswood's President and CEO. "We are very pleased to be expanding our relationship with Sun Life while enhancing Pawnee's financial resources and expanding its banking relationships."

Colorado-based Pawnee Leasing Corporation, founded in 1982, finances a highly diversified portfolio of commercial equipment leases and loans through relationships with over 600 independent brokers in the U.S. In Canada, Blue Chip Leasing Corporation has been originating and servicing commercial equipment leases and loans since 1996, and today operates through a nationwide network of more than 50 independent brokers. Located in Houston, Texas, Tandem Finance Inc. provides equipment financing to small and medium sized businesses in the U.S. through the equipment vendor channel.

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