Crestmark Provides $40.1MM+ in Commercial Financing to 92 Businesses

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November 25, 2019, 08:40 AM

Filed Under: Transaction Announcements

Related: Crestmark

Crestmark announced it provided more than $40.1 million in commercial financing to 92 businesses in the first half of November.

Crestmark secured a total of $13,100,000 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $16,833,431 in eight new lease transactions; Crestmark Vendor Finance provided $7,397,038 in 78 new lease transactions; the Joint Ventures Division provided $1,432,735 in financing for one client; and the Government Guaranteed Lending Division provided $1,345,000 in financing for one new client.

Crestmark’s Asset-Based Lending Divisions

On Nov. 1, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Ohio. The financing will be used for working capital purposes.
A $3,000,000 ledgered line of credit facility was provided to a staffing company in California on Nov. 1. The financing will be used to pay off an existing lender and for working capital purposes.
On Nov. 5, a $150,000 accounts receivable purchase facility was provided to a trucking company in Mississippi. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a trucking company in Indiana on Nov. 5. The financing will be used for working capital purposes.
On Nov. 7, a $4,250,000 ledgered line of credit facility was provided to a commercial printing company in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
A $5,000,000 ledgered line of credit facility was provided to an oil and gas services provider in Texas on Nov. 8. The financing will be used for working capital purposes.
On Nov. 13, a $250,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.

Crestmark Equipment Finance

On Nov. 4, a $2,955,038 new lease transaction was completed with an equipment rental company in the midwestern U.S. The financing will be used for capital equipment.
A $4,889,511 new lease transaction was completed with a manufacturer of homeopathic products in the southwestern U.S. on Nov. 6. The financing will be used for capital equipment.
On Nov. 6, a $1,776,683 new lease transaction was completed with a mortgage lender in the northeastern U.S. The financing will be used for IT equipment.
A $2,052,146 new lease transaction was completed with an oil and gas services company in the southwestern U.S. on Nov. 7. The financing will be used for capital equipment.
On Nov. 7, a $2,140,974 new lease transaction was completed with a data center service provider in the midwestern U.S. The financing will be used for IT equipment.
A $753,038 new lease transaction was completed with a manufacturer and distributor of automotive components in the midwestern U.S. on Nov. 8. The financing will be used for capital equipment.
On Nov. 12, a $1,469,588 new lease transaction was completed with a cosmetics company in the northeastern U.S. The financing will be used for software.
A $796,453 new lease transaction was completed with a fitness club in the southwestern U.S. on Nov. 14. The financing will be used for capital equipment.

Crestmark Vendor Finance
Crestmark Vendor Finance funded $7,397,038 in 78 new lease transactions for 75 businesses in the first half of November. Some highlights include:

On Nov. 1, a new equipment finance transaction was completed with a transportation company in the western U.S. The financing will be used for transportation equipment.
A new installment payment agreement was completed with an operations and management company in the southern U.S. on Nov. 4. The financing will be used for facility maintenance equipment.
On Nov. 8, a new equipment finance transaction was completed with a construction company in the northeastern U.S. The financing will be used for heavy equipment.
A new equipment finance transaction was completed with a sign manufacturer in the southeastern U.S. on Nov. 15. The financing will be used for transportation equipment.

The Joint Ventures Division

On Nov. 14, a $1,432,735 solar construction term loan facility was provided to a solar developer in Vermont. The financing will be used to install a 750 KW DC solar farm, which has a local school district and township as the offtaker. Once the construction of the solar farm is completed, the term loan facility will be refinanced with a $2,300,000 120-month operating lease.

The Government Guaranteed Lending Division

On Nov. 1, a $1,345,000 term loan facility was provided to a financial advisory firm in California. The financing will be used for acquisition and for working capital purposes.