Crestmark, the commercial finance division of MetaBank, secured a total of $23.05 million in asset-based lending and factoring financial solutions for 19 new clients and its structured finance group provided $11.266 million in financing for eight new clients in January. In addition, Crestmark Equipment Finance provided $21,489,603 in 17 new large-ticket transactions and $5,329,571 in 50 new small-ticket vendor transactions.
Crestmark provided the following working capital, asset-based lending and factoring financial solutions to be used for various purposes, such as working capital and to pay off existing lenders:
- A $15 million asset-based loan to an industrial manufacturing company in Iowa
- A $750,000 accounts receivable facility to a dry van trucking company in California
- A $500,000 accounts receivable facility to a flatbed trucking company in Oklahoma
- A $250,000 accounts receivable facility to a refrigerated trucking company in Arizona
- A $250,000 accounts receivable facility to a freight-all-kinds trucking company in Florida
- A $150,000 accounts receivable facility to a dry van trucking company in California
- A $150,000 accounts receivable facility to a refrigerated trucking company in California
- A $150,000 accounts receivable facility to a regional trucking company in Missouri
- A $150,000 accounts receivable facility to a power-only trucking company in Texas
- A $150,000 accounts receivable facility to a trucking company in Florida
- A $150,000 accounts receivable facility to a hot shot trucking company in Mississippi
- A $150,000 accounts receivable facility to a dry van trucking company in Virginia
- A $150,000 accounts receivable facility to a flatbed trucking company in Florida
- A $150,000 accounts receivable facility to a flatbed trucking company in Montana
- A $150,000 accounts receivable facility to a freight-all-kinds trucking company in Ohio
- A $150,000 accounts receivable facility to a dry van trucking company in Texas
- A $150,000 accounts receivable facility to a refrigerated trucking company in California
- A $2.5 million ledgered line of credit facility to a waste/recycling management company in Florida
- A $2 million ledgered line of credit facility to an equipment supplier in Florida
Crestmark’s structured finance group provided the following solutions to be used for various purposes, such as acquisition and working capital:
- A $2.615 million term loan to a wealth management firm in Ohio
- A $2.26 million term loan to an investment advisory firm in Arizona
- A $2.16 million SBA 7(a) loan to a restaurant franchisee in Michigan
- A $1.73 million SBA 7(a) loan to a parts manufacturer in Michigan
- A $1.25 million SBA 7(a) loan to a pellets supplier in Connecticut
- A $575,000 SBA 7(a) loan to an independent insurance agency in Indiana
- A $416,000 SBA 7(a) loan to a landscaping company in California
- A $260,000 term loan to a wealth management firm in South Carolina
Crestmark Equipment Finance’s transactions included:
- $4,010,926 to a hospital in the eastern United States for medical equipment
- $3,848,886 to a manufacturer in the eastern United States for IT equipment
- $3,631,842 to a lumber wholesaler in the southeastern United States for transportation equipment
- $3,028,263 to a bank in the eastern United States for communication equipment
- A small-ticket vendor equipment finance transaction with a fitness company in the Midwest for operational equipment
- A small-ticket vendor equipment finance transaction with a delivery services company in the southern United States for transportation equipment
- A small-ticket vendor equipment finance transaction with a trucking company in the eastern United States for transportation equipment
- A small-ticket vendor equipment finance transaction with a chiropractic facility in the western United States for medical equipment
- A small-ticket vendor equipment finance transaction with a dance company in the western United States for operational equipment
- A small-ticket vendor equipment finance transaction with a transportation company in the southern United States for transportation equipment
- A small-ticket vendor equipment finance transaction with an excavating company in the southern United States for transportation equipment
- A small-ticket vendor equipment finance transaction with a freight carrier in the western United States for transportation equipment