AP Equipment Financing Announces $110 Million Line of Credit with Wells Fargo
AP Equipment Financing has closed a $110 million line of credit with the Lender Finance division of Wells Fargo Commercial Capital.
“We are very pleased to be working with Wells Fargo. This is an important step in continuing to expand the activities of AP Equipment Financing. We have grown from a small finance company to an entity that will fund over 3,000 small ticket transactions worth over $200 million in 2020. We are excited about the treasury management capabilities Wells Fargo has to offer as well as working with a large, specialized staff in Dallas, Texas who are highly responsive to our ever-changing funding needs,” stated Chris Enbom, CEO of AP.
“Wells Fargo is committed to providing AP Equipment Financing with the financial flexibility and industry expertise needed to support their strategic plan,” said Stewart Hayes, Managing Director in the Lender Finance Division of Wells Fargo Commercial Capital. “We look forward to being part of their continued success and helping them achieve their long-term strategy.”
AP Equipment Financing reported a total finance volume of $170 million at the close of 2019, a 35% increase over 2018. AP is based in Bend, Oregon and is a wholly-owned subsidiary of Tokyo Century (USA) Inc., a part of the Tokyo Century Corporation global portfolio of companies. Tokyo Century Corporation is traded on the Tokyo Stock Exchange and is a global provider of equipment finance, technology management and finance, vehicle leasing and management, aircraft leasing and other finance activities around the world.