Crestmark Provides More Than $18MM in ABL Financing in H2/Feb
Crestmark secured a total of $18.85 million in asset-based lending financial solutions for eight new clients and Crestmark Equipment Finance provided $18,987,216 in six new lease transactions in the second half of February. In addition, Crestmark Vendor Finance provided $3,443,354 in 30 new lease transactions, Crestmark’s joint ventures group provided $3,775,680 in one new transaction and Crestmark’s government guaranteed lending group provided $1.02 million in financing for one new client.
Crestmark’s Asset-Based Lending and Factoring
Provided a $150,000 accounts receivable purchase facility to an Ohio-based seasonal trucking company, which will use the financing for working capital purposes
Provided an $800,000 accounts receivable purchase facility to an Illinois-based dry van transportation company, which will use the financing to pay off an existing lender and for working capital purposes
Provided an $8 million ledgered line of credit facility to a Texas-based inspection and testing services provider, which will use the financing to pay off an existing lender and for working capital purposes
Provided a $150,000 accounts receivable purchase facility to a North Carolina-based refrigerated trucking company, which will use the financing for working capital purposes
Provided a $150,000 accounts receivable purchase facility to a Georgia-based regional freight-all-kinds trucking company, which will use the financing for working capital purposes
Provided a $3.5 million asset-based lending facility to a Wisconsin-based chemical manufacturing company, which will use the financing to pay off an existing lender and for working capital purposes
Provided a $100,000 accounts receivable purchase facility to a Nevada-based trucking company, which will use the financing for working capital purposes
Provided a $6 million asset-based lending facility to an Illinois-based candy manufacturer, which will use the financing to pay off an existing lender
Crestmark Equipment Finance
Completed a $1,682,943 new lease transaction with a communication services company in the southern U.S. The financing will be used for capital equipment.
Completed a $1,497,583 new lease transaction with an IT services management company in the Midwest U.S. The financing will be used for IT equipment.
Completed a $3,841,955 new lease transaction with an airline in the southern U.S. The financing will be used for capital equipment.
Completed a $9,786,164 new lease transaction with an automotive parts manufacturer in the southern U.S. The financing will be used for capital equipment.
Completed a $722,160 new lease transaction with an electrical contractor in the Midwest U.S. The financing will be used for operational equipment.
Completed a $1,456,411 new lease transaction with a cheese manufacturer in the northeastern U.S. The financing will be used for capital equipment.
Crestmark Vendor Finance funded $3,443,354 in 30 new transactions in the second half of February. Some highlights include:
An equipment finance transaction with a construction company in the southwestern U.S. The financing will be used for capital equipment.
An equipment finance transaction with a transportation company in the northwestern U.S. The financing will be used for capital equipment.
A new equipment finance transaction with a transportation company in the southwestern U.S. The financing will be used for transportation equipment.
A new equipment finance transaction with a transportation company in the northeastern U.S. The financing will be used for transportation equipment.
Crestmark’s joint ventures group funded a $3,775,680 operating lease transaction with a solar developer in Maryland in the second half of February. The 1,368 kW-DC solar system, located in Minnesota, will be part of a state community solar program.
Crestmark’s government guaranteed lending group provided a $1.02 million SBA 7(a) term loan facility to a Texas-based insurance provider, which will use the financing for acquisition and working capital purposes.