Crestmont Capital, LLC announced its unaudited funding results for the second quarter 2018.The company achieved originations of approximately $45 million, which represents the highest second-quarter revenue in the company’s history and an increase of 128.2 percent year over year.
First-half originations of $85 million are 205.5 percent higher than the same period for 2017, which was the company’s previous best.
2018 FH revenues are on pace to exceed the company’s previous highest full-year revenue by 105 percent with two quarters left in the year to execute. Revenue was achieved through new and repeat clients of the company’s lending products from small businesses and enterprise clients.
Current pipeline backlog of eligible renewal clientele is approximately $20.4 million. The company expects to convert all current backlog to revenue in 2018. The existing qualified pipeline of potential new business is approximately $15 million.
“We are raising our fiscal 2018 revenue target and remain bullish about delivering a strong top line and bottom line growth. As we continue to generate record revenues we see more evidence that the right clients recognize us in the rapidly growing markets. The team is executing on our business plan and the numbers prove it,” said Gregory Keleshian, Crestmont Capital CEO.
Based in Irvine, Calif., Crestmont Capital provides small business lending, equipment financing, commercial and asset-based financing.