Verdant Commercial Capital expanded its funding capacity through the addition of a $200 million warehouse facility with Wells Fargo Bank. The new multi-year warehouse facility consists of a $100 million base amount plus a $100 million accordion feature provided by Wells Fargo.
Concurrently, Verdant extended its existing corporate facility with Wells Fargo Lender Finance. This additional capacity will allow Verdant to finance even more equipment for its existing clients as well as accommodate new customers.
“This additional functionality and capital allow us to more efficiently deliver on the demands of our vendor/partners and to further collapse the time frame between receipt of the customer credit application and the final payment of the vendor invoice,” Mike Rooney, CEO of Verdant Commercial Capital, said. “Wells Fargo has supported us since our inception. Now that we have generated more than $1 billion in originations in our first four years of business, we greatly appreciate their ability to adapt and expand their offerings as Verdant continues to grow as a company.”
In 2020, Verdant was the sixth largest independent equipment finance company in the U.S. and 67th on the Monitor 100 for new business volume and 97th for total assets. Verdant’s expansion into the technology and office products verticals, plus the ongoing origination growth in its legacy industrial, manufacturing, specialty vehicle and energy efficiency verticals will benefit from the efficiencies gained through these new funding facilities.
“Verdant has done a remarkable job building a team and platform that has grown into one of the largest independent equipment finance companies in the United States. Wells Fargo’s goal during the refinancing process was to help Verdant improve both operating and funding efficiency that would create opportunity for new business and allow them to service their clients more efficiently,” David Koshenina, head of Wells Fargo Lender Finance, said. “To accomplish this objective, Wells Fargo’s asset-backed finance and lender finance teams collaborated to provide two facilities that work seamlessly together.”
“The flexibility and improvements provided by these facilities well position Verdant to meet our increasing customer demands,” Robert K. Moskovitz, CFO of Verdant Commercial Capital, said. “We appreciate Wells Fargo’s ability to understand our business and deliver the products necessary for Verdant to continue to meet the needs of our diversified customer base.”
Editor’s Note: The original version of this article said Verdant was 97th on the Monitor 100 in new business volume. The article has been updated to corrected the mistake. Monitor apologizes for the error.
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