NuBridge Commercial Lending completed a new senior secured revolving credit facility with Cadence Business Finance, a division of Cadence Bank. The initial size of this 36-month committed credit facility is $20 million and is expected to grow to at least $50 million.
“The support of our financing partners is critical to NuBridge’s growth and to building our position in the national small-balance commercial lending market,” Bill Komperda, CEO of NuBridge Commercial Lending, said. “We are fortunate to work with Cadence on the new credit facility, and we are grateful for their support.”
“We are pleased to provide NuBridge with a customized lending solution that will support its growth and expansion plans,” Norb Schmidt, director of capital finance at Cadence Business Finance, said. “Understanding their needs helped us build a financing structure that will help them achieve their business objectives.”
“Playing a critical role in our clients’ long-term success story is what drives our team, and we look forward to serving as a trusted growth capital advisor,” David Ellington, director of originations at Cadence Business Finance, said.
“The Cadence credit facility builds on the momentum created through our recent equity partnership with Trive Capital, a Dallas-based private equity firm, and provides NuBridge with the capacity for continued expansion,” Ed Resendez, president and COO of NuBridge Commercial Lending, said. “The closing of our credit facility is a vote of confidence from Cadence and marks another important milestone for NuBridge. We are confident this transaction will enhance our success as we continue to expand NuBridge’s business.”
NuBridge plans to use its increased financing capacity to continue to capitalize on its national expansion. The company focuses on first-lien, short-term bridge loans to owners of multifamily apartment buildings (residential units), mixed-use properties (typically office or retail space, combined with residential apartments), single- and multi-tenant office buildings, retail properties, light industrial buildings, warehouses, self-storage facilities, and mobile home parks in 48 states and the District of Columbia. NuBridge targets loans ranging from $1 million $10 million with 12- or 24-month terms.