Crestmark, the commercial finance division of MetaBank, secured a total of $25.95 million in asset-based lending and factoring financial solutions for 23 new clients in May. In addition, Crestmark Equipment Finance provided $16,094,651 in 20 new large-ticket transactions and $6,435,042 in 50 new small-ticket vendor transactions, while Crestmark’s structured finance group provided $1.05 million in financing to one new client.
Crestmark provided the following asset-based lending and factoring financial solutions, which will be used for various purposes, such as for working capital and to pay off existing lenders:
- A $6.5 million asset-based lending facility to a meat processor in Texas
- A $4 million asset-based lending facility to a pre-form plastics manufacturer in California
- A $3.5 million asset-based lending facility to a diagnostic testing services provider in California
- A $3.5 million ledgered line of credit facility to a heavy hauling and rigging services provider in Texas
- A $3 million ledgered line of credit facility to an oil and gas transportation services provider in Texas
- A $1 million accounts receivable facility to a freight-all-kinds trucking company in California
- A $750,000 accounts receivable facility to a logistics management company in New Jersey
- A $750,000 accounts receivable facility to a transportation company in Missouri
- A $500,000 accounts receivable facility to a general freight company in Texas
- A $350,000 accounts receivable facility to a freight-all-kinds trucking company in Utah
- A $300,000 accounts receivable facility to a refrigerated transportation company in North Carolina
- A $200,000 accounts receivable facility to a trucking company in Maryland
- A $150,000 accounts receivable facility to a regional transport company in Mississippi
- A $150,000 accounts receivable facility to a bulk hauling company in Tennessee
- A $150,000 accounts receivable facility to a power-only trucking company in Tennessee
- A $150,000 accounts receivable facility to a refrigerated trucking company in New York
- A $150,000 accounts receivable facility to a hot shot trucking company in Texas
- A $150,000 accounts receivable facility to a dry van transportation company in North Carolina
- A $150,000 accounts receivable facility to a flatbed trucking company in Georgia
- A $150,000 accounts receivable facility to a power-only trucking company in Georgia
- A $150,000 accounts receivable facility to a power-only trucking company in Tennessee
- A $150,000 accounts receivable facility to a flatbed trucking company in South Carolina
- A $100,000 accounts receivable facility to a trucking company in California
Crestmark Equipment Finance’s transactions included:
- $2,042,334 to a manufacturing company in the Midwest for capital equipment
- A small-ticket vendor finance equipment finance transaction for a logistics company in the western United States for transportation equipment
- A small-ticket vendor finance equipment finance transaction for a waste metal fabrication company in the eastern United States for operational equipment
- A small-ticket vendor finance equipment finance transaction for a freight shipping and trucking company in the Northeast for transportation equipment
- A small-ticket vendor finance equipment finance transaction for a recycling company in the southern United States for transportation equipment
- A small-ticket vendor finance equipment finance transaction for a production company in the Southwest for operational equipment
- A small-ticket vendor finance equipment finance transaction for a dental company in the Midwest for operational equipment
Crestmark provided the following structured finance solution, which will be used for various purposes, such as for acquisitions and working capital:
- A $1.05 million SBA 7(a) loan to an insurance agency in Florida