Crestmark Tops $23MM in Financing in H1/August

Crestmark provided more than $23 million in commercial financing to 88 businesses in the first half of August 2019.

This included a total of $850,000 in ABL financial solutions for three new clients; $7,328,266 in five new lease transactions from Crestmark Equipment Finance; $9,442,735 in 79 new lease transactions from Crestmark Vendor Finance; and $5,393,000 in financing for two new clients from the Government Guaranteed Lending Division.

Brief details of the transactions are:

Asset-Based Lending 

• $500,000 A/R purchase facility for a trucking company in Texas for working capital purposes

_x000D_

• $150,000 A/R purchase facility for a startup trucking company in Florida for working capital purposes

_x000D_

• $200,000 A/R purchase facility for a trucking company in Ohio to pay off an existing lender and for working capital purposes

_x000D_

Equipment Finance:

• $1,267,115 new lease transaction for an oil and gas services provider in the southern U.S. for capital equipment.

_x000D_

• $2,634,268 new lease transaction for a cable provider in the western U.S. for IT equipment

_x000D_

• $757,142 new lease transaction for a wholesaler and distributor of bulk oil in the midwestern U.S. for capital equipment.

_x000D_

• Two new lease transactions totaling $2,669,741 for an energy management company in the Midwestern U.S. for IT equipment

_x000D_

Vendor Finance, $9,442,735 in 79 new lease transactions in the first half of August, including:

• A new equipment finance transaction for an oil provider in the Great Lakes region of the U.S. for mobile fueling units

_x000D_

• A new equipment finance transaction for a technology company in the southwestern U.S. for office furniture

_x000D_

• A new equipment finance transaction for a trucking company in the Great Plains region of the U.S. for trucks

_x000D_

• A new equipment finance transaction for a bus service company in the midwestern U.S. for a vehicle

_x000D_

Government Guaranteed Lending :

• $1.243 million term loan for an investment advisory firm in Florida to pay off an existing lender and for working capital purposes

_x000D_

• $4.15 million term loan for an investment advisory firm in Arizona to pay off an existing lender and for working capital purposes

_x000D_