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CIBC Leads $47.5MM Financing for Next Edge Capital

October 31, 2019, 08:40 AM
Filed Under: Industry News
Related: CIBC

Next Edge Capital Corp. (Next Edge Capital) announced the closing of a revolving credit facility for $47,500,000 with CIBC and NELI Canada LP, a special purpose funding vehicle utilized by the Next Edge Private Debt Fund.

Next Edge Capital is an alternative investment management firm focused on finding value-added investment opportunities with a focus on private lending. Through the Next Edge Private Debt Fund, it has focused on providing lending capital to small and medium-sized business throughout North America, focused on factoring, asset-based lending and specialty finance loans with a client base represented in 7 Provinces and 32 States.

A challenge when managing a fund that provides lending capital is to manage cash by matching investor inflows to loan investment outflows. This involves planning for funding new loans still going through diligence which are anticipated to close and funding existing loans requiring additional draws while taking into account inflows such as unitholder purchases, collections from interest and loan repayments. A significant benefit of this revolving lending facility will be to allow for a reduction in unutilized cash, in addition to increasing the efficiency of the Fund and the collective businesses that it works with.

The Next Edge Capital team and the Fund work very closely with the Garrington Group of Companies (“Garrington”). The Fund is a primary funding source to Garrington’s broad origination network; Liquid Capital Corp., Blacksail Capital Partners Canada, Blacksail Capital Partners USA, and IconiQ Finance. In addition, the Fund and each of these Garrington divisions utilize the services of LINE Financial to aid in underwriting, account management, administration, processing, and monitoring of these transactions. The close symbiotic relationship between these various parties has allowed for significant growth over the years.

“We are delighted with the relationship with CIBC, they have truly been a great team to work with. The credit facility will aid in funding new loan opportunities and the operating efficiency of the overall collective businesses involved. We look forward to a collective, long-term rewarding partnership with CIBC for years to come,” mentioned Toreigh Stuart, CEO of Next Edge Capital. 

“It’s always an honor and a pleasure to work with high caliber professionals like the team at Next Edge Capital, CIBC and our affiliates through the Garrington Group of Companies. We look forward to continuing to bring our best in class service and expertise to further strengthen and deepen this trusted relationship,” says Brian Center, President and CEO of LINE Financial Services Inc.

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