Crestmark Provides More Than $49.4 Million in Commercial Financing to 70 Businesses in the First Half of March

TROY, Mich., (Mar. 25, 2020) – Crestmark secured a total of $20,250,000 in ABL financial solutions for seven new clients; Crestmark Equipment Finance provided $13,763,020 in 6 new lease transactions; Crestmark Vendor Finance provided $5,524,480 in 52 new lease transactions; and the Government Guaranteed Lending Division provided $9,900,000 in financing for five new client in the first half of March.

  • Crestmark’s Asset-Based Lending Divisions:
    • On Mar. 2, a $500,000 accounts receivable purchase facility was provided to a specialized oversized-load transportation in Texas. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $250,000 accounts receivable purchase facility was provided to a dry van transportation company in Washington on Mar. 3. The financing will be used for working capital purposes.
    • On Mar. 4, a $1,000,000 ledgered line of credit facility was provided to a staffing company in California. The financing will be used for working capital purposes.
    • A $1,000,000 ledgered line of credit facility was provided to a metal products manufacturer in Indiana. The financing will be used to payoff an existing lender and for working capital purposes.
    • A $12,500,000 ledgered line of credit facility was provided to a water management services provider in Texas on Mar. 9. The financing will be used to pay off an existing lender and for working capital purposes.
    • On Mar. 9, a $2,000,000 line of credit facility was provided to a prepaid card services provider in California. The financing will be used for working capital purposes.
    • A $3,000,000 ledgered line of credit facility was provided to an oil & gas industrial services provider in Texas on Mar.11. The financing will be used to payoff an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On Mar. 3, a $1,237,436 new lease transaction was completed with a manufacturing company in the midwestern U.S. The financing will be used for capital equipment.
    • A $1,155,874 new lease transaction was completed with an outsourcing technology services provider in the southern U.S. on Mar. 3. The financing will be used for capital equipment.
    • On Mar. 5, a $757,540 new lease transaction was completed with a fitness center in the eastern U.S. The financing will be used for fitness equipment.
    • A $8,780,173 new lease transaction was completed with a thermal coal producer in the midwestern U.S. on Mar. 6. The financing will be used for capital equipment.
    • On Mar. 11, a $1,230,783 new lease transaction was completed with a produce distributor in the eastern U.S. The financing will be used for trucks.
    • A $601,214 new lease transaction was completed with an intermodal solutions provider in the midwestern U.S. on Mar. 12. The financing will be used for capital equipment.
  • Crestmark Vendor Finance funded $5,524,480 in 52 new lease transactions in the first half of March. Some highlights include:
  • On Mar. 2, a new equipment finance transaction was completed with a logistics company in the western U.S. The financing will be used for trailers.
  • A new equipment finance transaction was completed with a physician in the northeastern U.S. on Mar. 9. The financing will be used for capital equipment.
  • On Mar. 11, a new equipment finance transaction was completed with a construction company in the western U.S. The financing will be used for a yard dump truck.
  • A new equipment finance transaction was completed with a limousine company in the northeastern U.S. on Mar.13. The financing will be used for new vehicle.
  • The Government Guaranteed Lending Division:
    • On Mar. 4, a $4,175,000 SBA 7(a) term loan facility was provided to a structural framing developer in New Jersey. The financing will be used for working capital purposes.
    • A $3,825,000 Crestmark term loan facility was provided to a wealth management services company in Connecticut on Mar. 9. The financing will be used for acquisition and for working capital purposes.
    • On Mar. 10, a $150,000 SBA 7(a) term loan facility was provided to an investment management company in California. The financing will be used for working capital purposes.
    • A $1,600,000 Crestmark term loan facility was provided to a financial advisory firm in Ohio on Mar. 12. The financing will be used for acquisition and working capital purposes.
    • On Mar. 12, a $150,000 SBA 7(a) term loan facility was provided to a property damage restoration company in Florida. The financing will be used for working capital purposes.