Crestmark Supplies More Than $25MM in ABL and Factoring Solutions in May

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

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• A $4 million asset-based lending facility to a pre-form plastics manufacturer in California

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• A $3.5 million asset-based lending facility to a diagnostic testing services provider in California

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• A $3.5 million ledgered line of credit facility to a heavy hauling and rigging services provider in Texas

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• A $3 million ledgered line of credit facility to an oil and gas transportation services provider in Texas

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• A $1 million accounts receivable facility to a freight-all-kinds trucking company in California

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• A $750,000 accounts receivable facility to a logistics management company in New Jersey

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• A $750,000 accounts receivable facility to a transportation company in Missouri

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• A $500,000 accounts receivable facility to a general freight company in Texas

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• A $350,000 accounts receivable facility to a freight-all-kinds trucking company in Utah

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• A $300,000 accounts receivable facility to a refrigerated transportation company in North Carolina

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• A $200,000 accounts receivable facility to a trucking company in Maryland

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• A $150,000 accounts receivable facility to a regional transport company in Mississippi

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• A $150,000 accounts receivable facility to a bulk hauling company in Tennessee

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• A $150,000 accounts receivable facility to a power-only trucking company in Tennessee

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• A $150,000 accounts receivable facility to a refrigerated trucking company in New York

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• A $150,000 accounts receivable facility to a hot shot trucking company in Texas

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• A $150,000 accounts receivable facility to a dry van transportation company in North Carolina

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• A $150,000 accounts receivable facility to a flatbed trucking company in Georgia

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• A $150,000 accounts receivable facility to a power-only trucking company in Georgia

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• A $150,000 accounts receivable facility to a power-only trucking company in Tennessee

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• A $150,000 accounts receivable facility to a flatbed trucking company in South Carolina

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• A $100,000 accounts receivable facility to a trucking company in California

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Crestmark Equipment Finance’s transactions included:

• $2,042,334 to a manufacturing company in the Midwest for capital equipment

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• A small-ticket vendor finance equipment finance transaction for a logistics company in the western United States for transportation equipment

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• A small-ticket vendor finance equipment finance transaction for a waste metal fabrication company in the eastern United States for operational equipment

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• A small-ticket vendor finance equipment finance transaction for a freight shipping and trucking company in the Northeast for transportation equipment

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• A small-ticket vendor finance equipment finance transaction for a recycling company in the southern United States for transportation equipment

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• A small-ticket vendor finance equipment finance transaction for a production company in the Southwest for operational equipment

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• A small-ticket vendor finance equipment finance transaction for a dental company in the Midwest for operational equipment

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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

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