Newtek Business Services, a joint venture with a subsidiary of BlackRock TCP Capital, closed a $100 million senior-secured revolving credit facility with Deutsche Bank. The new facility includes a $100 million accordion feature, allowing the JV to increase the borrowing available under the facility to $200 million.
Newtek Conventional Lending anticipates using the added leverage to grow its business of originating non-conforming conventional term loans to small- and medium-sized businesses (SMBs) and middle-market companies.
“Based on referral volume and loan demand in 2018 and early this year, we believe that this new initiative could be a material and growing contributor to our future business,” said Barry Sloane, chairman, president and chief executive officer of Newtek, _x000D_
Newtek Conventional Lending is the joint venture between Newtek Commercial Lending, a wholly-owned subsidiary of Newtek, and Conventional Lending TCP Holdings, a wholly-owned affiliate of BlackRock TCP Capital.
