Crestmark provided $36.4 million in financing in the second half of January 2019. Those transactions included $6.25 million in ABL financial solutions for six new clients, more than $8.3 million in four new lease transastions from Crestmark Equipment Finance, $3.8 million in 41 new lease transactions from Crestmark Vendor Finance and more than $18 million from the Government Guaranteed Lending Division.
Those transactions broke down by:
•In Crestmark’s asset-based lending division:
- $1.75 million A/R purchase facility to a trucking company in Ontario, Canada to pay off an existing lender and for working capital purposes
- $500,000 A/R purchase facility to a hospitality staffing company in Texas for working capital purposes
- $750,000 ledgered line of credit to a wholesale distributor of baking supplies in New York for working capital purposes
- $750,000 A/R purchase facility to a trucking company in Texas for working capital purposes
- $1 million ledgered line of credit to a startup trucking company in Idaho for working capital purposes.
- $1.5 million ledgered line of credit to a manufacturer and distributor of flooring in Wisconsin to pay off an existing lender and for working capital purposes
•In Crestmark Equipment Finance:
- $2.466162 million new lease transaction for a laundry equipment supplier in the northeastern U.S. for capital equipment
- $1.685974 million new lease transaction for a food manufacturer in the southwestern U.S. for capital equipment
- $1.295118 million new lease transaction for a food manufacturer in the southwestern U.S. for capital equipment
- $2.856847 million new lease transaction for a manufacturer of automotive components in the midwestern U.S. for capital equipment
• In Crestmark Vendor Finance:
- $3.801143 million in 41 transactions
•In the Government Guaranteed Lending Division:
- $940,000 term loan for an independent insurance agency in Texas. for acquisition purposes
- $1.825 million USDA Business & Industry loan for a solar developer in Texas to provide permanent debt for a 7.136 MW DC utility-scale solar farm for a 25-year term, which has a utility company as the offtaker.
- $1.125 million term loan for an independent insurance agency in Illinois for acquisition purposes
- $14.248033 million solar construction term loan for a solar developer in Texas to complete the construction of the 14.27 MW DC solar farm is completed, whereupon the term loan will be refinanced by a $6 million USDA B & I permanent debt loan facility for a 25-year term, with a public utility as the offtaker
