Daily News: June 5, 2019

Crestmark Provides $81MM in Commercial Financing in H2/May


Crestmark provided more than $81 million in commercial financing to 88 companies in the second half of May 2019.

Those transactions included $33.65 million in ABL financial solutions for 16 new clients; $634,961 in one new lease transaction from Crestmark Equipment Finance; $6,151,576 in 66 new lease transactions from Crestmark Vendor Finance; and $40,615,230 in financing for six new clients from the Government Guaranteed Lending Division.

Brief descriptions of the transactions are:

 Crestmark’s Asset-Based Lending Divisions:

  • $50,000 A/R purchase facility to a startup trucking company in Utah for working capital purposes
  • $400,000 A/R purchase facility to a freight brokerage in Oklahoma for working capital purposes
  • $400,000 A/R purchase facility to a trucking company in Indiana for working capital purposes
  • $500,000 A/R purchase facility to a manufacturer of leather goods in Florida for working capital purposes
  • $15 million A/R purchase facility to a trucking company in California to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility to a startup trucking company in Kentucky to pay off an existing lender and for working capital purposes
  • $2 million ledgered line of credit to a metal fabrication company in Tennessee to pay off an existing lender and for working capital purposes
  • $750,000 ledgered line of credit to a metal fabrication company in Indiana to pay off an existing lender and for working capital purposes
  • $5 million asset-based line of credit to a plastic injection molding company in Alabama to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility to a trucking company in Texas for working capital purposes
  • $250,000 A/R purchase facility to a trucking company in Illinois for working capital purposes
  • $200,000 A/R purchase facility to a trucking company in Missouri for working capital purposes
  • $150,000 A/R purchase facility to trucking company in Kentucky for working capital purposes
  • $7.5 million ledgered line of credit to an equipment manufacturer for the oil and gas industry in Texas for working capital purposes
  • $1 million ledgered line of credit to a staffing company in Ohio to pay off an existing lender and for working capital purposes
  • $150,000 A/R purchase facility to a trucking company in California for working capital purposes

Crestmark Vendor Finance:

  • $6,151,576 in 66 new lease transactions to 65 businesses

Government Guaranteed Lending Division:

  • $2.576 million SBA 7(a) term loan to a swim school franchisee in Florida for working capital purposes
  • $3.5 million USDA Business & Industry loan facility to a solar developer in Texas to provide permanent debt for a 14.25 MW DC solar farm, which has an energy provider as the offtaker
  • $6,862,535 term loan to a solar developer in Texas for construction of a 7.13 MW DC solar farm; once construction is completed, the term loan will be refinanced by a $2.85 million USDA Business & Industry permanent debt loan facility
  • $11,279,190 term loan to a solar developer in Texas for construction of a 10.73 MW DC solar farm; once construction is completed, the term loan will be refinanced by a $4.75 million USDA Business & Industry permanent debt loan facility
  • $15,485,505 term loan facility was provided to a solar developer in Texas for construction of a 14.5 MW DC solar farm; once construction is completed, the term loan will be refinanced by a $6.8 million USDA Business & Industry permanent debt loan facility
  • $912,000 term loan to a financial advisory firm in Nevada for acquisition purposes

 Crestmark Equipment Finance:

  • $634,961 new lease transaction with a fitness club in the southwestern U.S. for capital equipment