Daily News: April 20, 2017

Engs Commercial Finance Closes $100MM ABS Warehouse Facility


Engs Commercial Finance closed a $100 million securitization warehouse facility with the Bank of Montreal (BMO) as lender and BMO Capital Markets as agent. This facility adds incremental liquidity to ENGS’ existing $455 million credit facility and further supports the growth initiatives at ENGS.

Scott Franklin, senior vice president of Capital Markets at ENGS, said, “The Bank of Montreal has been an important partner to ENGS for more than five years and we are pleased that the relationship is continuing to expand. BMO has been with us from the very beginning as we have grown ENGS from $100 million in assets in 2012 to over $600 million in assets today. This warehouse facility provides additional cost efficient capacity to aggregate assets which will ultimately be sold into the term securitization market, a key component to our overall capital markets strategy.”

Dan McNamara, head of Financial Institutions Investment and Corporate Banking for BMO Capital Markets, added, “We are excited to provide ABS warehousing capacity to ENGS as part of our growing relationship and support ENGS in its growth plans by facilitating access to efficient sources of capital.”

ENGS is a 65-year-old commercial finance company providing financial solutions to the Transportation, Industrial and Construction equipment markets. In addition, ENGS also provides a suite of services to these markets, including Insurance and Factoring (working capital).