Crestmark Tops $41.6MM in Commercial Financing in H1/Feb

Crestmark completed more than $41.6 million in commercial financings in the first half of February.

Crestmark secured a total of $6.3 million in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $24,532,533 in 10 new lease transactions; Crestmark Vendor Finance provided $5,580,236 in 56 new lease transactions; and the Government Guaranteed Lending Division provided $5,224,037 in financing for three new clients.

Brief details of the transactions are:

Asset-Based Lending:

• $150,000 accounts receivable purchase facility to a startup trucking company in Oklahoma for working capital purposes

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• $1 million ledgered line of credit facility to a propane equipment distributor in North Carolina to pay off an existing lender and for working capital purposes

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• $4 million accounts receivable purchase facility to a FAK trucking company in Michigan to pay off an existing lender and for working capital purposes

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• $300,000 accounts receivable purchase facility  to a dry van trucking company in Michigan  for working capital purposes

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• $150,000 accounts receivable purchase facility to an oilfield services trucking company in New Mexico. for working capital purposes

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• $200,000 accounts receivable purchase facility to a flatbed trucking company in Illinois for working capital purposes

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• $150,000 accounts receivable purchase facility to a trucking company in Ohio for working capital purposes.

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• $200,000 accounts receivable purchase facility to an FAK trucking company in Ohio for working capital purposes

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• $150,000 accounts receivable purchase facility to a refrigerated FAK trucking company in Washington for working capital purposes

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Equipment Finance:

• $2.3 million new lease transaction with a solar contractor in the northeastern U.S. for solar equipment

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• $901,681 new lease transaction with a manufacturing company in the western U.S. for capital equipment

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• $529,536 new lease transaction with an IT solutions provider in the western U.S. for IT equipment

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• $798,340 new lease transaction with an IT solutions provider in the midwestern U.S. for networking equipment

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• Two new lease transactions totaling $1.5 million with an energy management company in the midwestern U.S. for IT equipment

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• $753,592 new lease transaction with a fitness club in the northeastern U.S. for fitness equipment

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• $2.3 million new lease transaction with a technology services provider in the southern U.S. for capital equipment

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• $994,451 new lease transaction with a manufacturer of industrial textiles in the northeastern U.S. for solar equipment

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• $14.4 million sale-leaseback transaction with a fuel cell solutions provider in the northeastern U.S. to support waste stream produced biogas, with generated electricity going to a utility offtaker.

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Vendor Finance funded $5.58 million in 56 new lease transactions. Some highlights include:

• An equipment finance transaction with a metrology company in the western U.S. for testing equipment

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• A new equipment finance transaction with a logistics company in the western U.S. for racking equipment

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• A new equipment finance agreement with a weight loss center in the southeastern U.S. for capital equipment

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• A new equipment finance transaction with a contractor in the southeastern U.S. for a generator

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 Government Guaranteed Lending:

• $4.82 million term loan facility to a solar developer in Oregon for working capital purposes

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• $94,019 term loan facility to an insurance agency provider in Florida for acquisition purposes

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• $310,000 term loan facility to a software developer in California for working capital purposes.

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