Crestmark Provides $24MM+ in Commercial Financing to 76 Businesses

April 13, 2020, 07:25 AM

Filed Under: Transaction Announcements

Related: Asset-Based Lending, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $24 million in commercial financing to 76 businesses in the second half of March. Crestmark Equipment Finance provided $3,654,190 in five new lease transactions; Crestmark Vendor Finance provided $5,048,790 in 63 new lease transactions; Crestmark secured a total of $13,900,000 in ABL financial solutions for eight new clients; and the Government Guaranteed Lending Division provided $1,420,000 in financing for one new client in the second half of March.

Crestmark Equipment Finance

On March 16, a $672,465 new lease transaction was completed with a marketing and business services company in the midwestern U.S. The financing will be used for IT equipment.
A $994,735 new lease transaction was completed with a healthcare services provider in the western U.S. on March 16. The financing will be used for transportation equipment.
On March 17, two new lease transactions totaling $1,325,900 were completed with a supply chain management company in the southeastern U.S. The financing will be used for capital equipment and forklifts.
A $661,090 new lease transaction was completed with a food distribution company in the northeastern U.S. on March 20. The financing will be used for transportation equipment.

Crestmark’s Asset-Based Lending Divisions

On March 17, a $750,000 ledgered line of credit facility was provided to an oil and gas transportation services company in Texas. The financing will be used to payoff an existing lender and for working capital purposes.
A $8,000,000 asset-based line of credit facility was provided to a steel products provider in Indiana on March 17. The financing will be used to payoff an existing lender and for working capital purposes.
On March 23, a $600,000 accounts receivable purchase facility was provided to a freight brokerage company in Illinois. The financing will be used for working capital purposes.
A $600,000 ledgered line of credit facility was provided to a health services provider in California on March 24. The financing will be used to payoff an existing lender.
On March 24, a $150,000 accounts receivable purchase facility was provided to a start-up trucking company in North Carolina. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a flatbed FAK trucking company in Massachusetts on March 27. The financing will be used for working capital purposes.
On March 27, a $2,000,000 ledgered line of credit facility was provided to an automotive supplier in Michigan. The financing will be used for working capital purposes.
A $1,500,000 ledgered line of credit facility was provided to an oil and gas transportation services company in Texas on March 27. The financing will be used to payoff an existing lender and for working capital purposes.

Crestmark Vendor Finance

Crestmark Vendor Finance funded $5,048,790 in 63 new lease transactions in the second half of March. Some highlights include:

On March 18, a new lease transaction was completed with a logistics company in the northwestern U.S. The financing will be used for a racking system.
On March 23, an equipment finance transaction was completed with a wellness institute in the southwestern U.S. The financing will be used for capital equipment.
A new equipment financing transaction was completed with a pharmaceutical company in the northeastern U.S. on March 26. The financing will be used for capital equipment.
On March 31, a new equipment finance transaction was completed with an auto body and towing company in the northwestern U.S. The financing will be used for a new truck.

The Government Guaranteed Lending Division

On March17, a $1,420,000 term loan facility was provided to a wealth advisory firm in New Jersey. The financing will be used for working capital purposes.