Crestmark is opening a Canadian location to help the company provide its line of alternative lending to businesses throughout Canada.
Previously, Crestmark offered purchase-factoring solutions, but will also offer asset-based lending and ledgered lines of credit, with the expansion. The new Crestmark office is located in Pickering, ON, just east of Toronto. Nick Dounas, who joins Crestmark as vice president, head of Canadian originations, will be the Canadian authorized representative. He will report to Ray Morandell, executive vice president, national sales director.
Dounas comes to Crestmark from TD Asset Finance (and its predecessor, LaSalle Business Credit, a division of ABN AMRO), where he worked for more than 16 years. While there, he held numerous roles, most recently as director in asset-based lending. Earlier, he served as a senior underwriter, relationship manager, analyst and field examiner. Prior to TD Asset Finance, he worked for KPMG as an accountant.
“Opening a foreign representative office in Canada has been a part of our long-term strategic plan. It is the first step in building an ever-expanding Canadian presence,” said Mick Goik, president and chief operating officer. “We are excited to start helping businesses in the Greater Toronto area, and beyond.”
“Nick will be a great asset for us as we penetrate the Canadian marketplace,” Morandell said. “Our goal is to earn the respect of the business community and be viewed as a ‘Canadian lender,’ while providing solutions within our capabilities to the lower middle-markets that we intend to serve. That focus will be the growth foundation that we build from. Having this sustainable long-term approach in building a successful platform starts with our lead Canadian business development officer. After an extensive search, we believe Nick is the perfect person to expand our footprint and lead our growth objectives.”
“This is an exciting opportunity to be able to bring an extended product line to the Canadian market, helping businesses that have had difficulties and/or are growing. Crestmark’s reasonable approach to lending in difficult situations, at a reasonable price point, is what attracted me to join Crestmark,” Dounas said. “Crestmark is a respected asset-based lender, and I’m looking forward to helping businesses across Canada.”