Crestmark Provides More Than $12MM in ABL and Factoring Solutions in H1/March
Crestmark, the commercial finance division of MetaBank, secured a total of $12,363,696 in asset-based lending and factoring financial solutions for nine new clients and Crestmark’s structured finance group provided $11,337,372 in financing for five new clients in the first half of March. In addition, Crestmark Equipment Finance provided $4,702,737 in 13 new large-ticket transactions and $5,738,197 in 45 new small-ticket vendor transactions.
Crestmark provided the following asset-based lending and factoring financial solutions to be used for various purposes, such as for working capital and to pay off existing lenders:
A $6 million asset-based lending facility with an additional $1,575,380 term loan to an aluminum pole manufacturer in Ohio
A C$2 million ($1.6 million) ledgered line of credit facility to an ice road transport company in the Northwest Territories
A $2 million ledgered line of credit facility to a security consulting company located in California whose parent company is in British Columbia
A $400,000 accounts receivable facility for a regional freight-all-kinds transport company in Maryland
A $200,000 accounts receivable facility to a freight-all-kinds transport company in Wyoming
A $150,000 accounts receivable facility to an intermodal transportation company in South Carolina
A $150,000 accounts receivable facility to a regional auto hauling company in Maryland
A $150,000 accounts receivable facility to a flatbed trucking company in Louisiana
A $150,000 accounts receivable facility to a hot shot trucking company in California
Crestmark provided vendor finance equipment finance transactions to:
A transportation company in the southern United States for operational equipment
A trucking company in the western United States for operational equipment
A construction company in the western United States for operational equipment
A transportation company in the southern United States for transportation equipment
Crestmark provided the following structured finance solutions, which will be used for various purposes, such as acquisitions and working capital:
A $5 million participation in a $7 million construction-to-USDA perm loan for a landfill biogas project in Alabama
$7,542,372 in construction loans to three solar farms in Texas
A $295,000 SBA 7(a) loan to a tax preparation service company in California