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Crestmark Provides More Than $86.3 Million in Commercial Financing to 22 Businesses in the Second Half of July
August 11, 2020
Source: Crestmark
Crestmark secured a total of $29,152,900 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $7,765,608 in five new lease transactions; the Joint Ventures Division provided $4,104,958 in financing to two new clients; and the Government Guaranteed Lending group provided $45,341,886 in financing for nine new clients in the second half of July.
• Crestmark’s Asset-Based Lending:
o On July 21, a $5,102,900 ledgered line of credit facility was provided to an Ontario, Canada transportation company working across North America. The financing will be used to pay off an existing lender.
o A $350,000 accounts receivable purchase facility was provided to a transportation company in Mississippi on July 23. The financing will be used for working capital purposes.
o On July 24, a $1,500,000 accounts receivable purchase facility was provided to a freight brokerage in Tennessee. The financing will be used for working capital purposes.
o A $200,000 accounts receivable purchase facility was provided to a freight all kinds transportation company in Florida on July 24. The financing will be used for working capital purposes.
o On July 29, a $2,000,000 ledgered line of credit facility was provided to a prescription drug wholesaler in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
o A $2,000,000 ledgered line of credit facility was provided to a well abandonment services company in Louisiana on July 30. The financing will be used to pay off an existing lender and for working capital purposes.
o On July 31, an $18,000,000 asset-based lending facility was provided to a nationwide transportation company in Colorado. The financing will be used to pay off an existing lender.
• Crestmark Equipment Finance:
o A $2,327,172 new lease transaction was completed with a global manufacturer in the midwestern U.S. on July 16. The financing will be used for networking equipment.
o Two new lease transactions totaling $1,719,653 were completed with an IT solutions provider in the southwestern U.S. on July 23. The financing will be used for IT equipment.
o On July 24, a $1,789,337 new lease transaction was completed with an automotive stamping manufacturer in the midwestern U.S. The financing will be used for capital equipment.
o A $1,929,446 new lease transaction was completed with a healthcare payment solutions provider in the southeastern U.S. on July 24. The financing will be used for IT equipment.
• Crestmark’s Joint Ventures Division:
o On July 20, a $354,958 operating lease transaction was provided to a solar developer in Massachusetts. The financing will be used to install a 101 kW-DC solar system in New Jersey.
o A $3,750,000 construction loan facility was provided to a solar developer in Connecticut on July 27. The financing will be used to build a 2560 kW-DC solar system in Illinois.
• Government Guaranteed Lending:
o On July 17, a $4,200,000 construction loan facility was provided to a solar developer in California. The financing will be used for working capital purposes.
o A $350,000 SBA 7(a) term loan facility was provided to an independent restaurateur in Florida on July 22. The financing will be used for acquisition and for working capital purposes.
o On July 22, a $14,724,500 construction loan facility was provided to a solar developer in New Hampshire. The financing will be used for working capital purposes.
o On July 27, a $1,550,000 term loan facility was provided to a financial advisory firm in Idaho. The financing will be used to pay off an existing lender and for working capital purposes.
o A $3,850,000 construction loan facility was provided to a solar developer in California on July 30. The financing will be used for working capital purposes.
o On July 31, a $4,550,000 SBA 7(a) term loan facility was provided to a hospitality company in Louisiana. The financing will be used for acquisition and for working capital purposes.
o A $14,607,386 construction loan facility was provided to a solar developer in New Hampshire on July 31. The financing will be used for working capital purposes.
o On July 31, a 250,000 SBA 7(a) term loan facility was provided to a barbershop in Alabama. The financing will be used for working capital purposes.
o A $1,260,000 term loan facility was provided to a financial advisory firm in Colorado on July 31. The financing will be used for acquisition purposes.
Crestmark, a division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, government guaranteed lending, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, renewable energy, medical receivables, government contractors, hospitality/hotels, insurance agencies, and technology hardware/software. The Crestmark division is headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. www.crestmark.com
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