Crestmark Provides More Than $40.1 Million in Commercial Financing to 92 Businesses in the First Half of November

TROY, Mich., (Nov. 25, 2019) – Crestmark secured a total of $13,100,000 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $16,833,431 in eight new lease transactions; Crestmark Vendor Finance provided $7,397,038 in 78 new lease transactions; the Joint Ventures Division provided $1,432,735 in financing for one client; and the Government Guaranteed Lending Division provided $1,345,000 in financing for one new client in the first half of November.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Nov. 1, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Ohio. The financing will be used for working capital purposes.
    • A $3,000,000 ledgered line of credit facility was provided to a staffing company in California on Nov. 1. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Nov. 5, a $150,000 accounts receivable purchase facility was provided to a trucking company in Mississippi. The financing will be used for working capital purposes.
    • A $300,000 accounts receivable purchase facility was provided to a trucking company in Indiana on Nov. 5. The financing will be used for working capital purposes.
    • On Nov. 7, a $4,250,000 ledgered line of credit facility was provided to a commercial printing company in Michigan. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $5,000,000 ledgered line of credit facility was provided to an oil and gas services provider in Texas on Nov. 8. The financing will be used for working capital purposes.
    • On Nov. 13, a $250,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
  • Crestmark Equipment Finance:
    • On Nov. 4, a $2,955,038 new lease transaction was completed with an equipment rental company in the midwestern U.S. The financing will be used for capital equipment.
    • A $4,889,511 new lease transaction was completed with a manufacturer of homeopathic products in the southwestern U.S. on Nov. 6. The financing will be used for capital equipment.
    • On Nov. 6, a $1,776,683 new lease transaction was completed with a mortgage lender in the northeastern U.S. The financing will be used for IT equipment.
    • A $2,052,146 new lease transaction was completed with an oil and gas services company in the southwestern U.S. on Nov. 7. The financing will be used for capital equipment.
    • On Nov. 7, a $2,140,974 new lease transaction was completed with a data center service provider in the midwestern U.S. The financing will be used for IT equipment.
    • A $753,038 new lease transaction was completed with a manufacturer and distributor of automotive components in the midwestern U.S. on Nov. 8. The financing will be used for capital equipment.
    • On Nov. 12, a $1,469,588 new lease transaction was completed with a cosmetics company in the northeastern U.S. The financing will be used for software.
    • A $796,453 new lease transaction was completed with a fitness club in the southwestern U.S. on Nov. 14. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $7,397,038 in 78 new lease transactions for 75 businesses in the first half of November. Some highlights include:
    • On Nov. 1, a new equipment finance transaction was completed with a transportation company in the western U.S. The financing will be used for transportation equipment.
    • A new installment payment agreement was completed with an operations and management company in the southern U.S. on Nov. 4. The financing will be used for facility maintenance equipment.
    • On Nov. 8, a new equipment finance transaction was completed with a construction company in the northeastern U.S. The financing will be used for heavy equipment.
    • A new equipment finance transaction was completed with a sign manufacturer in the southeastern U.S. on Nov. 15. The financing will be used for transportation equipment.
  • The Joint Ventures Division:
    • On Nov. 14, a $1,432,735 solar construction term loan facility was provided to a solar developer in Vermont. The financing will be used to install a 750 KW DC solar farm, which has a local school district and township as the offtaker. Once the construction of the solar farm is completed, the term loan facility will be refinanced with a $2,300,000 120-month operating lease.
  • The Government Guaranteed Lending Division:
    • On Nov. 1, a $1,345,000 term loan facility was provided to a financial advisory firm in California. The financing will be used for acquisition and for working capital purposes.