Crestmark Provides More Than $16.7 Million in Commercial Financing to 64 Businesses in the First Half of December

TROY, Mich., (December 21, 2018) – Crestmark secured a total of $9,450,000 in ABL financial solutions for nine new clients; Crestmark Equipment Finance provided $740,098 in one new lease transaction; Crestmark Vendor Finance provided $3,580,701 in 51 new lease transactions; the Joint Ventures Division provided $1,515,171 for one new client; and the Government Guaranteed Lending Division provided $1,485,000 in financing for two new clients in the first half of December.

  • Crestmark’s asset-based lending division:
    • On December 4, a $3,000,000 ledgered line of credit facility was provided to a construction management services company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $1,500,000 accounts receivable purchase facility was provided to a startup IT consulting company in California on December 4. The financing will be used for working capital purposes.
    • On December 7, a $150,000 accounts receivable purchase facility was provided to a trucking company in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $150,000 accounts receivable purchase facility was provided to a trucking company in Ohio on December 13. The financing will be used to pay off an existing lender and for working capital purposes.
    • On December 13, $3,000,000 ledgered line of credit facility was provided to a staffing company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $1,000,000 ledgered line of credit facility was provided to a staffing company in British Columbia, Canada, on December 13. The financing will be used to pay off an existing lender and for working capital purposes.
    • On December 14, a $200,000 accounts receivable purchase facility was provided to a trucking company in Alabama. The financing will be used for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a trucking company in Georgia on December 14. The financing will be used for working capital purposes.
    • On December 14, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Arkansas. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On December 6, a $740,098 new lease transaction was completed with an oil and gas services company in the southern U.S. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $3,580,701 in 51 transactions in the first half of December.
  • The Joint Ventures Division:
    • On December 12, a $1,515,171 120-month operating lease transaction was completed with a solar developer in Pennsylvania. The financing will be used to install a 734 kilowatt-direct current (KW DC) solar farm in Vermont, which has a private company as the offtaker.

 

  • The Government Guaranteed Lending Division:
    • On December 7, a $215,000 term loan facility was provided to an independent insurance agency in Florida. The financing will be used for acquisition purposes.
    • A $1,270,000 solar construction term loan facility was provided to a solar energy provider in North Carolina on December 11, which will be used to pay off an existing lender. Once the construction of the 2.0 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $1,270,000 USDA REAP (Rural Energy for America Program) permanent debt loan facility for a 25-year term; and will have an energy company as the offtaker.