Crestmark secured more than $16.7 million in commercial financing for 64 clients in the first half of December 2018.
The funding included $9.4 million in ABL financial solutions for nine new clients. Crestmark Equipment Finance provided $740,098 in one new lease transaction, while Crestmark Vendor Finance provided $3.580701 million in 51 new lease transactions, the Joint Ventures Division provided $1.515171 million for one new client and the Government Guaranteed Lending Division provided $1.485 million in financing for two new clients.
Those transactions were:
In Crestmark’s asset-based lending division:
- $3 million ledgered line of credit to a construction management services company in Florida to pay off an existing lender and for working capital purposes
- $1.5 million A/R purchase facility to a startup IT consulting company in California for working capital purposes
- $150,000 A/R purchase facility to a trucking company in North Carolina to pay off an existing lender and for working capital purposes
- $150,000 A/R purchase facility to a trucking company in Ohio to pay off an existing lender and for working capital purposes
- $3 million ledgered line of credit to a staffing company in Florida to pay off an existing lender and for working capital purposes
- $1 million ledgered line of credit to a staffing company in British Columbia, Canada to pay off an existing lender and for working capital purposes
- $200,000 A/R purchase facility to a trucking company in Alabama for working capital purposes
- $300,000 A/R purchase facility to a trucking company in Georgia for working capital purposes
- $150,000 A/R purchase facility to a startup trucking company in Arkansas for working capital purposes
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In Crestmark Equipment Finance:
- $740,098 new lease transaction for an oil and gas services company in the southern U.S. for capital equipment
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In Crestmark Vendor Finance:
- $3.580701 million in 51 transactions
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In the Joint Ventures Division:
- $1.515171 million 120-month operating lease transaction for a solar developer in Pennsylvania to install a 734 kilowatt-direct current (KW DC) solar farm in Vermont, which has a private company as the offtaker
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In the Government Guaranteed Lending Division:
- $215,000 term loan to an independent insurance agency in Florida for acquisition purposes
- $1.27 million solar construction term loan to a solar energy provider in North Carolina to pay off an existing lender. Once the construction of the 2.0 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $1.27 million USDA REAP permanent debt loan facility for a 25-year term, with an energy company as the offtaker.
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