Encina Lender Finance provided a $50 million senior credit facility with an accordion feature for an incremental $50 million in potential capacity to Crossroads Financial, a provider of inventory-only revolving credit facilities focused on the below $10 million range. Encina Lender Finance’s credit facility closed simultaneously with a mezzanine debt facility from a different lender.
“Working with Encina was an easy choice for us,” Lee Haskin, founder and CEO of Crossroads Financial, said. “This relationship gives us the ability to offer more competitive rates and quicker turnaround. Further, the team at Encina understands our product and the specialization required to manage and service our portfolio.”
“Encina Lender Finance is pleased that the Crossroads team has trusted us to help them expand their already successful platform,” John Thomas, president and chief risk officer at Encina Lender Finance, said. “Crossroads has an exceptional track record and reputation in providing inventory solutions to businesses that do not qualify for traditional bank financing, and we look forward to working with Lee Haskin and his team to continue scaling their business.”