Crestmark’s Healthcare Financial Services group completed its first funding and added Underwriting Manager Chad Kerr to the team.

Since its soft launch in December 2019, the group has reviewed numerous opportunities, and closed its first official funding on March 24. The $600,000 ledgered line of credit facility was provided to a health services provider in California that treats chronic pain, opioid dependence, PTSD and related disorders. The group is currently working on numerous facilities for health care providers across the U.S.

Ray Zilke, first vice president and group manager welcomed long-time Crestmark professional Chad Kerr to the group as underwriting manager. Kerr first joined Crestmark in 2005 as vice president, underwriting for Crestmark’s East Division, and subsequently was promoted to first vice president, team lead. In 2015, he joined the newly formed Government Guaranteed Lending group as SBA portfolio manager. Prior to joining Crestmark, Kerr worked for Comerica Bank and Fremont Financial, and owned a field exam firm that provided services to banking institutions. With finance experience spanning more than 25 years, he brings knowledge and energy to the team.

“Medical receivables was a natural fit for Crestmark with our well-established expertise in accounts receivables, and we expected to be well-positioned to fill a need within the healthcare industry,” said Zilke.

“The healthcare industry has taken on a renewed focus of criticality and exposure. The complexity of the industry, and the infrastructure around payments — notorious for slow pay — often leaves a cash flow gap that puts undue strain on the medical service provider,” said Zilke. “Our financing model is a perfect fit for meeting the funding gap.”

“I’m thrilled to join this group and assist with its growth,” said Kerr. “This is an exciting new chapter in my career with Crestmark, and I look forward to working with a long-time colleague in providing much needed working capital to medical healthcare providers.”