Crestmark Closes $51MM in Financing to New Clients in H2/June

Crestmark secured a total of $51,049,628 for new clients in the second half of June. The company completed $4.36 million in ABL financial solutions for five new clients. Crestmark Equipment Finance provided $21,416,745 in seven new lease transaction. Crestmark Vendor Finance provided $4,976,084 in 78 new lease transactions. The Joint Ventures Division provided $9,821,799 for one new client, and the Government Guaranteed Lending Division provided $10,475,000 in financing for five new clients in the second half of June.

Brief details of the transactions are:

Asset-Based Lending Divisions:

• $3 million for a food manufacturer in California for working capital purposes

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• $400,000 accounts receivable purchase facility to a trucking company in California for working capital purposes

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

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• $660,000 term loan facility was provided to a Tier 1 automotive supplier in Michigan to pay off an existing lender

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• $150,000 accounts receivable purchase facility to a startup trucking company in North Carolina for working capital purpose

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Joint Ventures Division:

• $9,821,799 120-month operating lease transaction was completed with a real estate investment company in Michigan. The financing will be used to install a solar farm.

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Government Guaranteed Lending Division:

• $3,550,000 USDA Business & Industry loan facility to a solar energy developer in Texas to provide permanent debt

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• $3,360,000 term loan facility to a financial advisory firm in Texas to pay off an existing lender and for working capital purposes

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• $1,000,000 SBA 7(a) term loan facility to an independent insurance agency in California for acquisition and for working capital purposes

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• $190,000 SBA 7(a) term loan facility to a beverage distributor in Illinois to pay off an existing lender for acquisition and working capital purposes

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• $2,375,000 term loan facility to a financial advisory firm in Pennsylvania for acquisition purposes

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Equipment Finance:

• $944,442 new lease transaction with a communications distributor in Northeast U.S. for IT equipment

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• $2,137,051 with a mortgage lender in Northeast U.S. be used for capital equipment

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• 4,899,838 for three leases were completed with a provider of food waste recycling services in the Midwest U.S. for capital equipment

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• $4,169,414 with a die cast company in the Southeast U.S. for capital equipment

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• $9,266,000 with a fuel cell company in the Northeast U.S. for capital equipment

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Vendor Finance

• $4,976,084 in 78 new lease transactions in the second half of June

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