Crestmark’s healthcare financial services group completed its first funding and added Chad Kerr as an underwriting manager.
Since its soft launch in December 2019, the group has reviewed numerous opportunities and closed its first official funding on March 24. The $600,000 ledgered line of credit facility was provided to a health services provider in California that treats chronic pain, opioid dependence, PTSD and related disorders.
“Medical receivables was a natural fit for Crestmark with our well-established expertise in accounts receivables, and we expected to be well-positioned to fill a need within the healthcare industry,” Ray Zilke, first vice president and group manager for Crestmark’s healthcare financial services group, said. “The healthcare industry has taken on a renewed focus of criticality and exposure. The complexity of the industry, and the infrastructure around payments — notorious for slow pay — often leaves a cash flow gap that puts undue strain on the medical service provider. Our financing model is a perfect fit for meeting the funding gap.”
Kerr first joined Crestmark in 2005 as vice president, underwriting for Crestmark’s east division, and subsequently was promoted to first vice president, team lead. In 2015, he joined the newly formed government guaranteed lending group as SBA portfolio manager. Prior to joining Crestmark, Kerr worked for Comerica Bank and Fremont Financial. He also owned a field exam firm that provided services to banking institutions.
“I’m thrilled to join this group and assist with its growth,” Kerr said. “This is an exciting new chapter in my career with Crestmark, and I look forward to working with a long-time colleague in providing much needed working capital to medical healthcare providers.”
