Crestmark provided more than $65.4 million in commercial financing solutions for 72 clients in the first half of February 2019.
Those transactions included $2.65 million in asset-based lending financial solutions for 11 new clients; more than $27.776 million in 15 new lease transactions from Crestmark equipment finance, over $4.302 million in 51 new lease transactions from Crestmark vendor finance and $3.729 million in financing from the government guaranteed lending.
Those transactions consisted of:
In the Crestmark asset-based lending division:
- $150,000 A/R purchase facility to a trucking company in California for working capital purposes
- $200,000 A/R purchase facility to a trucking company in Wisconsin for working capital purposes
- $5 million ledgered line of credit facility to a distributor of fracking compound in Texas to pay off an existing lender and for working capital purposes
- $500,000 A/R purchase facility to a freight brokerage in Michigan for working capital purposes
- $150,000 A/R purchase facility to a startup trucking company in Missouri for working capital purposes
- $150,000 A/R purchase facility to a trucking company in Florida for working capital purposes
- $2.75 million ledgered line of credit facility to a family entertainment center supply and service company in Kansas to pay off an existing lender and for working capital purposes
- $20 million ABL credit facility to a distributor of cellular phones in Florida to pay off an existing lender and for working capital purposes
- $150,000 A/R purchase facility to a trucking company in Colorado for working capital purposes
- $150,000 A/R facility to a startup trucking company in New York for working capital purposes
- $450,000 A/R purchase facility to a trucking company in Georgia for working capital purposes
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In the Crestmark equipment finance division:
- Four new lease transactions totaling $6.554180 million for a foodservice distributor in the northeastern U.S. for capital equipment
- Two new lease transactions totaling $2.458599 million for a manufacturer in the midwestern U.S. for IT equipment
- Four new lease transactions totaling $9.998079 million for a technology services company in the northeastern U.S. for software
- Two new lease transactions totaling $1.440850 million for an energy management company in the midwestern U.S. for IT equipment
- $3.027448 new lease transaction for a healthcare provider in the southwestern U.S. for software
- $1.325020 million new lease transaction for a footwear manufacturer in the northeastern U.S. for capital equipment
- $2.971895 million new lease transaction for a healthcare provider in the southern U.S. for capital equipment
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In Crestmark Vendor Finance:
- $4.302627 million in 51 transactions
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In the government guaranteed lending division:
- $2.268911 million term loan for a hospitality management company in New Jersey for acquisition purposes
- $360,000 term loan for to an independent insurance agency in Arizona for acquisition purposes
- $1.1 million solar construction term loan to a solar energy provider in California to complete the construction of a utility-scale solar farm, whereupon the term loan will be refinanced by a USDA Business & Industry permanent debt loan facility for a 25-year term and have a utility company as the offtaker
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