Crestmark Secures $2.65MM in ABL and Factoring Solutions in H2/Feb

Crestmark, the commercial finance division of MetaBank, secured a total of $2.65 million in asset-based lending and factoring financial solutions for eight new clients and the company’s structured finance group provided $8.115 million in financing for two new clients in the second half of February. In addition. Crestmark Equipment Finance provided $27,844,322 in 26 new transactions and Crestmark Vendor Finance provided $2,624,820 in 25 new small-ticket vendor transactions.

Crestmark provided the following asset-based lending and factoring financial solutions to be used for various purposes, such as for working capital and to pay off existing lenders:

• A $1 million ledgered line of credit facility to a transportation services provider in California

_x000D_

• A $500,000 accounts receivable facility to a staffing company in California

_x000D_

• A $400,000 accounts receivable facility to a freight-all-kinds transport company in Massachusetts

_x000D_

• A $150,000 accounts receivable facility to a refrigerated trucking company in California

_x000D_

• A $150,000 accounts receivable facility to a refrigerated trucking company in South Carolina

_x000D_

• A $150,000 accounts receivable facility to a freight-all-kinds transport company in Tennessee

_x000D_

• A $150,000 accounts receivable facility to a refrigerated trucking company in Arkansas

_x000D_

• A $150,000 accounts receivable facility to a freight broker in Idaho

_x000D_

Crestmark’s structured finance group provided the following financial solutions to be used for various purposes, such as for acquisitions and working capital:

• A $7 million term loan to a dairy farm in Idaho

_x000D_

• A $415,000 term loan to an insurance agency in Washington

_x000D_

Crestmark Equipment Finance’s transactions included:

• $9,404,762 to a navigational services company in the southern United States for capital equipment

_x000D_

• $6,368,726 to a bank in the eastern United States for telecommunications equipment

_x000D_

• $4,041,931 to an automotive manufacturing company in the Midwest for information technology equipment

_x000D_

• $2,838,747 to a machinery manufacturing company in the eastern United States for operational equipment

_x000D_

Among the deals it closed in the second half of February, Crestmark Vendor Finance provided equipment finance transactions to:

• A telecom company in the southern United States for operational equipment

_x000D_

• A waste management company in the eastern United States for transportation equipment

_x000D_

• A fitness company in the eastern United States for fitness equipment

_x000D_

• A transportation company in the western United States for transportation equipment

_x000D_