TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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June 14, 2021
Source: Crestmark
Crestmark, the Commercial Finance Division of MetaBank®, N.A., secured a total of $48,850,000 in ABL/factoring financial solutions for 14 new clients; Crestmark Equipment Finance provided $11,977,955 in 13 new transactions; Crestmark Vendor Finance provided $3,492,993 in 37 new transactions; and the Government Guaranteed Lending group provided $2,255,000 in financing for three new clients in the second half of May.
• Crestmark’s Asset-Based Lending and Factoring:
o On May 18, a $3,000,000 ledgered line of credit facility was provided to a staffing company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
o On May 18, a $500,000 accounts receivable purchase facility was provided to a trucking company in Kentucky. The financing will be used for working capital purposes.
o A $300,000 accounts receivable purchase facility was provided to a flatbed trucking company in Michigan on May 18. The financing will be used for working capital purposes.
o On May 19, a $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Arkansas. The financing will be used for working capital purposes.
o A $150,000 accounts receivable purchase facility was provided to a dry van transportation company in Florida on May 19. The financing will be used for working capital purposes.
o On May 20, a $200,000 accounts receivable purchase facility was provided to a refrigerated trucking company in Georgia. The financing will be used to pay off an existing lender and for working capital purposes.
o A $150,000 accounts receivable purchase facility was provided to a trucking company in Florida on May 24. The financing will be used for working capital purposes.
o On May 25, nine accounts receivable purchase facilities totaling $15,000,000 were provided to a nationwide transportation group in California. The financing will be used for working capital purposes.
o A $10,000,000 term loan facility was provided to a healthcare facilities group in Arkansas on May 26. The financing will be used for costs associated to acquisition and for working capital.
o On May 26, a $2,000,000 accounts receivable purchase facility was provided to a steel distributor in Illinois. The financing will be used for working capital purposes.
o A $7,000,000 asset-based line of credit facility was provided to a seafood wholesaler in Florida on May 27. The financing will be used to pay off an existing lender and for working capital purposes.
o On May 27, a $400,000 accounts receivable purchase facility was provided to a transportation company in Indiana. The financing will be used to pay off an existing lender and for working capital purposes.
o A $5,000,000 ledgered line of credit facility was provided to a seafood products provider in Texas on May 28. The financing will be used to pay off an existing lender and for working capital purposes.
o On May 28, a $5,000,000 accounts receivable purchase facility was provided to a nationwide transportation company in Illinois. The financing will be used to pay off an existing lender and for working capital purposes.
• Crestmark Equipment Finance funded $11,977,955 in 13 new lease transactions in the second half of May. Some highlights include:
o A $2,458,775 new lease transaction was completed with a state governmental agency in the southern U.S. on May 24. The financing will be used for operational equipment.
o On May 30, a $2,240,861 new lease transaction was completed with a petrochemical manufacturing company in the western U.S. The financing will be used for capital equipment.
• Crestmark Vendor Finance funded $3,492,993 in 37 new transactions in the second half of May. Some highlights include:
o A new equipment finance transaction was completed with a transportation company in the southern U.S. on May 17. The financing will be used for operational equipment.
o On May 19, a new equipment finance transaction was completed with a dental laboratory in the southern U.S. The financing will be used for operational equipment.
o An equipment finance transaction was completed with an auto repair company in the northeastern U.S. on May 21. The financing will be used for operational equipment.
o On May 24, an equipment finance transaction was completed with a medical company in the northeastern U.S. The financing will be used for operational equipment.
• Government Guaranteed Lending:
o An $145,000 SBA term loan facility was provided to a printing services company in Maryland on May 21. The financing will be used for acquisition purposes.
o On May 25, a $1,630,000 SBA 7(a) term loan facility was provided to an investment advisory firm in Ohio. The financing will be used for acquisition purposes.
o A $480,000 SBA 7(a) loan facility was provided to a printing parts manufacturer in New Hampshire on May 26. The financing will be used for acquisition purposes.
Crestmark, the Commercial Finance division of MetaBank®, N.A., provides innovative financial solutions for businesses nationwide. MetaBank is a financial enablement company that works to increase financial availability, choice, and opportunity for all. Crestmark’s 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, Louisiana, Tennessee, and representatives nationwide; and a Canadian foreign representative office. www.crestmark.com
