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CIT Closes Asset-Based Credit Facility Up to $145MM for Commercial Finance Company

February 18, 2021, 07:45 AM
Filed Under: Lender Finance

CIT Group Asset-Based Lending committed to $25 million in financing while serving as joint lead arranger on an asset-based credit facility of up to $145 million on behalf of a commercial finance company serving government contractors.
The client provides flexibility to U.S. federal government contractors via receivable financing, unbilled financing, purchase order financing and a range of other solutions. It supports both small businesses and large investment-grade prime contractors on U.S. government projects. The transaction includes a revolving credit facility of $80 million with an accordion feature for up to $65 million more.

"Asset-based financing solutions are the right answer for many businesses seeking the funding needed to achieve their business objectives," said Chris Esposito, managing director and group head for CIT's Asset-Based Lending business. "At CIT, we are well-known for our long experience and expertise in developing asset-based lending structures that support clients."

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