Fintech lender Fundation secured a $120 million asset-backed credit facility from SunTrust Bank, with Waterfall Asset Management included in the facility as a Class B lender. The facility enhances Fundation’s capacity to extend credit to small businesses across the U.S.
Sam Graziano, CEO of Fundation, said, “Garnering the support of one of the leading super-regional banks engaged in asset-backed finance is another milestone for our company. As we continue to bolster the size and quality of our capital base, we can become an even stronger ally to our strategic partners and their small business clientele.”
Fundation focuses on delivering credit to small businesses through various forms of strategic partnerships, including banks, other financial institutions and various service providers to the small business market. The company currently has strategic partnerships with Regions Bank, Citizens Bank, the BancAlliance network of community banks and the Minority Business Development Agency, among others.
Fundation, majority-owned by New York-based private equity firm Garrison Investment Group, performs origination services for regional and community banks and originates small business loans and lines of credit for its balance sheet. It maintains a separate $120 million asset-backed credit facility with Goldman Sachs, which was secured in August of 2016, and a $35 million facility with MidCap Financial, which was secured in March of 2017.