Equipment Leasing and Finance Association - Equiping Business for Success

Crestmark Provides More Than $32.3 Million in Commercial Financing to 61 Businesses in the Second Half of February

Posted 03/10/2020

TROY, Mich., (Mar. 10, 2020) – Crestmark secured a total of $10,450,000 in ABL financial solutions for five new clients; Crestmark Equipment Finance provided $15,950,106 in nine new lease transactions; Crestmark Vendor Finance provided $4,247,630 in 46 new lease transactions; and the Government Guaranteed Lending Division provided $1,680,000 in financing for one new client in the second half of February.

·            Crestmark’s Asset-Based Lending Divisions:

o     On Feb. 18, a $1,500,000 accounts receivable purchase facility was provided to a dry freight trucking company in California. The financing will be used for working capital purposes.   

o     A $200,000 accounts receivable purchase facility was provided to an FAK dry van trucking company in South Carolina on Feb. 19. The financing will be used for working capital purposes.

o     On Feb. 19, a $6,000,000 ledgered line of credit facility was provided to a truck brokerage company in Florida. The financing will be used for working capital purposes.  

o     A $750,000 accounts receivable purchase facility was provided to an oil and gas services company in Texas on Feb. 26. The financing will be used for working capital purposes.  

o     On Feb. 27, a $2,000,000 capital lease facility was provided to an oil services company in Texas. The financing will be used for acquisition and working capital purposes.  

·            Crestmark Equipment Finance:

o     On Feb. 18, a $3,198,585 new lease transaction was completed with a computer programming service in the northeastern U.S. The financing will be used for IT equipment.

o     A $1,130,000 new lease transaction was completed with an acute healthcare provider in the northeastern U.S. on Feb. 19. The financing will be used for medical equipment.

o     On Feb. 20, a $951,602 new lease transaction was completed with a petroleum product wholesaler in the midwestern U.S. The financing will be used for capital equipment.

o     A $1,157,083 new lease transaction was completed with a network and communication service provider in the northeastern U.S. on Feb. 21. The financing will be used for networking equipment.

o     A $1,083,373 new lease transaction was completed with an electronics health records company in the midwestern U.S. on Feb. 21. The financing will be used for IT equipment.

o     On Feb. 21, a $3,142,815 new lease transaction was completed with an interior design company in the western U.S. The financing will be used for IT equipment.

o     A $1,310,700 new lease transaction was completed with a mining company in the southern U.S. on Feb. 21. The financing will be used for construction equipment.

o     On Feb. 26, a $1,480,238 new lease transaction was completed with an IT solutions provider in the midwestern U.S. The financing will be used for IT equipment.

o     A $2,495,710 new lease transaction was completed with a construction company in the southern U.S. on Feb. 28. The financing will be used for construction equipment.

·            Crestmark Vendor Finance funded $4,247,630 in 46 new lease transactions in the second half of February. Some highlights include:

o     On Feb. 19, a new equipment finance transaction was completed with a flooring company in the midwestern U.S. The financing will be used for capital equipment.

o     On Feb. 20, an equipment finance transaction was completed with a transportation company in the northwestern U.S. The financing will be used for trailers.

o     A new lease transaction was completed with a resort in the northeastern U.S. on Feb. 26. The financing will be used for IT equipment.

o     On Feb. 28, a new equipment finance transaction was completed with a scaffolding installation company in the northeastern U.S. The financing will be used for capital equipment.

·            The Government Guaranteed Lending Division:

o     On Feb. 27, a $1,680,000 term loan facility was provided to a solar developer in California. The financing will be used for capital expenditures.  

 

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