Crestmark secured a total of $12 million in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $20,756,115 in 10 new lease transactions; Crestmark Vendor Finance provided $7,781,607 in 70 new lease transactions; the Joint Ventures Division provided $2,328,750 in financing for one client; and the Government Guaranteed Lending Division provided $11,865,000 in financing for two new clients in the first half of January.
Brief details of the transactions:
Asset-Based Lending Divisions:
- $2 million accounts receivable facility to a trucking company in Michigan for working capital purposes.
- $1 million accounts receivable facility to a trucking company in North Carolina for working capital purposes.
- $7.5 million asset-based line of credit to a communications equipment company in Missouri used to pay off an existing lender and for acquisition purposes.
- $1 million ledgered line of credit facility to a trucking company in Texas for working capital purposes.
- $500,000 accounts receivable facility to a trucking company in Idaho for working capital purposes.
Crestmark Equipment Finance:
- $5,886,000 new lease transaction with a fuel cell company in the northeastern U.S for capital equipment
- $562,990 new lease transaction with a medical services provider in the midwestern U.S. for IT equipment
- $795,201 new lease transaction with a storage solutions company in the southeastern U.S. for capital equipment
- $766,889 new lease transaction with a pawn shop operator in the southern U.S. for capital equipment
- Two new lease transactions totaling $4,770,118 were completed with a food distributor in the northeastern U.S. for transportation equipment
- $1,051,893 new lease transaction with a provider of technology and data analytics services in the southern U.S. for capital equipment
- $1,003,229 new lease transaction with a consumer goods company in the northeastern U.S. for software.
- $693,911 new lease transaction with a flooring manufacturer in the northeastern U.S. for software
- $5,225,884 new lease transaction with a cosmetics company in the northeastern U.S. for software
Crestmark Vendor Finance
- New equipment finance transaction with a medical spa in the southwestern U.S. for medical equipment.
- New lease agreement was completed with a laboratory in the midwestern U.S. for laboratory equipment.
- New equipment finance agreement with an outdoor services company in the southeastern U.S. for transportation equipment.
- New equipment finance transaction with a medical office in the southwestern U.S. on Jan. 15. The financing will be used for medical equipment.
The Joint Ventures Division
- $2,328,750 operating lease transaction with a solar developer in Vermont for a 750 KW DC solar farm in Vermont, which has a local school district and township as the offtaker
The Government Guaranteed Lending Division
- $9,950,000 USDA Business & Industry loan facility to a hospitality company in Georgia for working capital purposes
- $1,915,000 SBA 7(a) term loan facility to a financial advisory firm in Connecticut for acquisition and for working capital purposes