National Funding renewed and upsized its $60 million senior secured warehouse line of credit. The facility, which includes an accordion to expand to $75 million, was provided by a U.S.-based commercial bank. The facility will continue to be used by the company to fund new originations and support additional growth of its platform.

Concurrent with the transaction, National Funding also secured a $55 million investment-grade-rated corporate note financing provided by a consortium of institutional investors. The transaction was assigned a BBB+ rating by a statistical ratings organization.

To date, National Funding has provided more than $4.3 billion in working capital and equipment leasing for more than 75,000 small- to medium-sized businesses in the U.S.

“As the economy recovers from the pandemic, this challenging environment is creating opportunities for National Funding to accelerate our growth plans and at the same time provide flexible capital solutions to our client base seeking to expand their businesses,” Dave Gilbert, CEO of National Funding, said. “Our ability to close these transactions with multiple institutional partners has substantially expanded our financial capacity and flexibility and is a validation of the strength of the robust platform that National Funding has built.”

“These new facilities represent the continued evolution of the company’s funding sources, providing National Funding with a unique opportunity to reduce our cost of funding and access more diversified sources of capital,” Joe Gaudio, president of National Funding, said. “Both investments are a strong endorsement of the stability and success of our company and of our mission to transform the way small businesses access the capital they need to grow.”

Brean Capital served as National Funding’s exclusive financial advisor and placement agent in connection with the note transaction.