Crestmark Tops $40.1MM in Funding to 92 Firms

Crestmark provided more than $40.1 million in commercial financing to 92 businesses in the first half of November 2019.

This included a total of $13.1 million in ABL financial solutions for seven new clients; $16,833,431 in eight new lease transactions from Crestmark Equipment Finance; $7,397,038 in 78 new lease transactions from Crestmark Vendor Finance; $1,432,735 in financing for one client from the Joint Ventures Division; and $1.345 million in financing for one new client from the Government Guaranteed Lending Division.

Brief details of the transactions are:

Asset-Based Lending :

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

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$3 million ledgered line of credit facility for a staffing company in California to pay off an existing lender and for working capital purposes

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

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$300,000 A/R purchase facility for a trucking company in Indiana for working capital purposes

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$4.25 million ledgered line of credit for a commercial printing company in Michigan to pay off an existing lender and for working capital purposes

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$5 million ledgered line of credit for an oil and gas services provider in Texas for working capital purposes

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$250,000 A/R purchase facility for a trucking company in California for working capital purposes

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Equipment Finance:

$2,955,038 new lease transaction for an equipment rental company in the midwestern U.S. for capital equipment

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$4,889,511 new lease transaction for a manufacturer of homeopathic products in the southwestern U.S. for capital equipment

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$1,776,683 new lease transaction for a mortgage lender in the northeastern U.S. for IT equipment

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$2,052,146 new lease transaction for an oil and gas services company in the southwestern U.S. for capital equipment

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$2,140,974 new lease transaction for a data center service provider in the midwestern U.S. for IT equipment

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$753,038 new lease transaction for a manufacturer and distributor of automotive components in the midwestern U.S. for capital equipment

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$1,469,588 new lease transaction for a cosmetics company in the northeastern U.S. for software

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$796,453 new lease transaction for a fitness club in the southwestern U.S. for capital equipment

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Vendor Finance:

$7,397,038 in 78 new lease transactions for 75 businesses including:

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A new equipment finance transaction for a transportation company in the western U.S. for transportation equipment

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A new installment payment agreement for an operations and management company in the southern U.S. for facility maintenance equipment

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A new equipment finance transaction for a construction company in the northeastern U.S. for heavy equipment

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A new equipment finance transaction for a sign manufacturer in the southeastern U.S. for transportation equipment

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Joint Ventures:

$1,432,735 solar construction term loan for a solar developer in Vermont to install a 750 KW DC solar farm, which has a local school district and township as the offtaker. Once the construction of the solar farm is completed, the term loan will be refinanced with a $2.3 million 120-month operating lease

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Government Guaranteed Lending :