Crestmark Provides More Than $67.5 Million in Commercial Financing to 69 Businesses in the Second Half of September

TROY, Mich., (October 4, 2018) – Crestmark secured a total of $22,050,000 in ABL financial solutions for eight new clients; Crestmark Equipment Finance provided $1,289,956 in two new lease transactions; Crestmark Vendor Finance provided $4,443,416 in 47 new lease transactions; and the Government Guaranteed Lending division provided $39,752,098 in financing for 12 new clients in the second half of September.

  • Crestmark’s asset-based lending division:
    • On September 17, a $150,000 accounts receivable purchase facility was provided to a trucking company in Texas. The financing will be used for working capital purposes.
    • A $500,000 accounts receivable purchase facility was provided to a technology consulting company in Kansas on September 18. The financing will be used to pay off an existing lender and for working capital purposes.
    • On September 18, a $150,000 accounts receivable purchase facility was provided to a trucking company in Maryland. The financing will be used for working capital purposes.
    • A $2,500,000 ledgered line of credit facility was provided to a trucking company in Louisiana on September 18. The financing will be used to pay off an existing lender and for working capital purposes.
    • On September 20, a $150,000 accounts receivable purchase facility was provided to a trucking company in Texas. The financing will be used for working capital purposes.
    • A $100,000 accounts receivable purchase facility was provided to a trucking company in Florida on September 24. The financing will be used for working capital purposes.
    • On September 24, a $15,000,000 asset-based line of credit facility was provided to a manufacturer of steel products in South Dakota. The financing will be used to pay off an existing lender and for working capital purposes.
    • A $3,500,000 asset-based line of credit facility was provided to a manufacturer and distributor of steel products for the oil and gas industry on September 24. The financing will be used to pay off an existing lender and for working capital purposes.
  • Crestmark Equipment Finance:
    • On September 20, a $760,043 new lease transaction was completed with a fitness club in the northeastern U.S. The financing will be used for capital equipment.
    • A $529,913 new lease transaction was completed with a metal forming company in the midwestern U.S. on September 21. The financing will be used for IT equipment.
  • Crestmark Vendor Finance funded $4,443,416 in 47 transactions in the second half of September.
  • The Government Guaranteed Lending division:
    • On September 17, an $810,000 term loan facility was provided to an independent insurance agency in Florida. The financing will be used to pay off an existing lender, and for acquisition and working capital purposes.
    • A $3,835,000 term loan facility was provided to an investment advisory firm in California on September 17. The financing will be used to pay off an existing lender.
    • On September 18, a $730,000 SBA 7(a) term loan facility was provided to a startup fitness club in Florida. The financing will be used for working capital purposes.
    • A $782,000 SBA 7(a) term loan facility was provided to a soap manufacturer and distributor in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
    • On September 28, a $125,000 SBA 7(a) term loan facility was provided to a food wholesaler in North Carolina. The financing will be used for working capital purposes.
    • A $3,865,682 solar construction term loan facility was provided to a solar energy provider in South Carolina on September 28. Once the construction of the 2.99 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $2,225,000 USDA Business & Industry (B & I) permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • On September 28, a $7,300,075 solar construction term loan facility was provided to a solar energy provider in Colorado. Once the construction of the 5.6 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $4,200,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • A $3,363,044 solar construction term loan facility was provided to a solar energy provider in North Carolina on September 28. Once the construction of the 2.8 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $1,625,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • On September 28, a $12,599,251 solar construction term loan facility was provided to a solar energy provider in South Carolina. Once the construction of the 10.47 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $6,500,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • A $1,689,006 solar construction term loan facility was provided to a solar energy provider in North Carolina on September 28. Once the construction of the 1.45 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $760,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • On September 28, a $3,460,040 solar construction term loan facility was provided to a solar energy provider in North Carolina. Once the construction of the 2.89 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $1,675,000 USDA B & I permanent debt loan facility for a 25-year term; and will have a utility company as the offtaker.
    • A $1,193,000 term loan facility was provided to an investment advisory firm in Colorado on September 28. The financing will be used to pay off an existing lender.