Crestmark, the commercial finance division of MetaBank, secured a total of $2.65 million in asset-based lending and factoring financial solutions for eight new clients and the company’s structured finance group provided $8.115 million in financing for two new clients in the second half of February. In addition. Crestmark Equipment Finance provided $27,844,322 in 26 new transactions and Crestmark Vendor Finance provided $2,624,820 in 25 new small-ticket vendor transactions.
Crestmark provided the following asset-based lending and factoring financial solutions to be used for various purposes, such as for working capital and to pay off existing lenders:
- A $1 million ledgered line of credit facility to a transportation services provider in California
- A $500,000 accounts receivable facility to a staffing company in California
- A $400,000 accounts receivable facility to a freight-all-kinds transport company in Massachusetts
- A $150,000 accounts receivable facility to a refrigerated trucking company in California
- A $150,000 accounts receivable facility to a refrigerated trucking company in South Carolina
- A $150,000 accounts receivable facility to a freight-all-kinds transport company in Tennessee
- A $150,000 accounts receivable facility to a refrigerated trucking company in Arkansas
- A $150,000 accounts receivable facility to a freight broker in Idaho
Crestmark’s structured finance group provided the following financial solutions to be used for various purposes, such as for acquisitions and working capital:
- A $7 million term loan to a dairy farm in Idaho
- A $415,000 term loan to an insurance agency in Washington
Crestmark Equipment Finance’s transactions included:
- $9,404,762 to a navigational services company in the southern United States for capital equipment
- $6,368,726 to a bank in the eastern United States for telecommunications equipment
- $4,041,931 to an automotive manufacturing company in the Midwest for information technology equipment
- $2,838,747 to a machinery manufacturing company in the eastern United States for operational equipment
Among the deals it closed in the second half of February, Crestmark Vendor Finance provided equipment finance transactions to:
- A telecom company in the southern United States for operational equipment
- A waste management company in the eastern United States for transportation equipment
- A fitness company in the eastern United States for fitness equipment
- A transportation company in the western United States for transportation equipment