Crestmark Provides More Than $3MM in ABL/Factoring Solutions in H1/Feb

Crestmark, the commercial finance division of MetaBank, secured a total of $3,291,085 in asset-based lending and factoring solutions for 14 new clients in the first half of February. In addition, Crestmark Equipment Finance provided $24,477,897 in seven new transactions and Crestmark Vendor Finance provided $5,096,070 in 40 new transactions.

Crestmark provided the following asset-based lending and factoring financial solutions to be used for various purposes, such as working capital and to pay off existing lenders:

• $500,000 and C$500,000 ($392,010) accounts receivable facilities to an oil and gas services company in Alberta

• A $400,000 accounts receivable facility to a refrigerated trucking company in California

• A $300,000 accounts receivable facility to a freight-all-kinds trucking company in California

• A $300,000 accounts receivable facility to a dry van trucking company in California

• A $200,000 accounts receivable facility to an auto hauling company in Texas

• A $168,000 term loan facility to an investment company in Michigan

• A $150,000 accounts receivable facility to a flatbed trucking company in Texas

• A $150,000 accounts receivable facility to a refrigerated trucking company in Louisiana

• A $150,000 accounts receivable facility to a freight-all-kinds trucking company in North Carolina

• A $150,000 accounts receivable facility to a freight brokerage in North Carolina

• A $150,000 accounts receivable facility to a flatbed trucking company in Texas

• A $150,000 accounts receivable facility to a freight-all-kinds trucking company in Texas

• A $150,000 accounts receivable facility to a dry van trucking company in New Jersey

• A $150,000 accounts receivable facility to a freight-all-kinds trucking company in North Carolina

Crestmark Equipment Finance’s transactions included:

• $13,464,568 to an airport services company in the Southeast for industrial equipment

• $4,166,208 to a coal mining company in the eastern United States for capital equipment

• $2,381,202 to a hardware supplier in the Midwest for IT equipment

Among the deals it closed in the first half of February, Crestmark Vendor Finance provided equipment finance transactions to:

• A construction company in the Southeast for operational equipment

• A transportation company in the southern United States for transportation equipment

• A medical company in the southern United States for transportation equipment

• A food manufacturing company in the Midwest for operational equipment