Crestmark Provides $52MM to 74 Businesses in H2/August



Crestmark provided more than $52 million in commercial financing to 74 businesses in the second half of August 2019.

Those transactions included a total of $6,950,000 in ABL financial solutions for six new clients; $8,809,604 in three new lease transactions from Crestmark Equipment Finance; $6,071,483 in 61 new lease transactions from Crestmark Vendor Finance; and $30,233,000 in financing for five new clients from the Government Guaranteed Lending Division.

The funding broke down as follows:

From Crestmark Equipment Finance:

  • $5,029,259 new lease transaction for a logistics company in the midwestern U.S. for capital equipment
  • $2,712,438 new lease transaction for a mortgage lender in the northeastern U.S. for capital equipment
  • $1,067,907 new lease transaction for a manufacturing company in the western U.S. for IT equipment

From Crestmark Vendor Finance:

$6,071,483 in 61 new lease transactions for 60 businesses including:

  • An equipment finance transaction for a landscape company in the northeastern U.S. for transportation equipment
  • An equipment finance transaction for a rental company in the southeastern U.S. for heavy construction equipment and for working capital purposes
  • An equipment finance transaction for a trucking company in the southeastern U.S. for transportation equipment
  • An equipment finance transaction for a transportation company in the western U.S. for transportation equipment.

From Crestmark’s Asset-Based Lending Divisions:

  • $1 million A/R purchase facility to a trucking company in Georgia for working capital purposes
  • $2.5 million asset-based line of credit to a marketing solutions company in Michigan to pay off an existing lender and for working capital purposes
  • $1 million ledgered line of credit to a manufacturer of medical devices in Colorado to pay off an existing lender and for working capital purposes
  • $200,000 A/R purchase facility to a trucking company in California for working capital purposes
  • $1.5 million A/R purchase facility to a startup staffing company in Texas for working capital purposes
  • $750,000 A/R purchase facility to an oil and gas services provider in Texas for working capital purposes

From the Government Guaranteed Lending Division:

  • $25.5 million term loan to a solar developer in North Carolina to pay off an existing lender
  • Three term loans totaling $3.25 million to an independent insurance agency in Texas to pay off an existing lender, for acquisition purposes and for working capital purposes
  • $1.385 million term loan to an independent insurance agency in Texas to pay off an existing lender and for acquisition purposes
  • $50,000 SBA 7(a) term loan to an independent insurance agency in Michigan to pay off an existing lender
  • $48,000 SBA 7(a) term loan to an independent insurance agency in North Carolina to pay off an existing lender

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Terry Mulreany
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