GemCap provided a $7.5 million revolving credit facility to NexGen Financial, a newly formed financial services provider located in Southern California, filling a unique position in the debt settlement space.
NexGen purchases debt settlement receivables from pre-screened, best-in-class sales affiliates. The $7.5 million facility is a senior secured line supported by the company’s accounts receivable.
“GemCap is the perfect partner because they understand our business and the importance of the secured receivable collateral that we have in place and how that provides excellent revenue visibility and very high returns,” said James Shanahan, NexGen Financial president.
GemCap provides senior-secured, commercial asset-based loans and accounts receivable factoring facilities to low and middle market businesses.
