Verdant Commercial Capital announced that it recently expanded its funding capacity through the addition of a $200 million second facility with Wells Fargo Bank, N.A.

Verdant’s 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 the expanding volume of new customers being added to the portfolio every day.

“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,” said Mike Rooney, CEO of Verdant Commercial Capital. “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.”

Securing this additional funding is an endorsement of the exceptional performance of the assets originated by Verdant through its high-profile vendors, OEMs, dealers, distributors and developers since its founding in late 2017. Verdant has grown to be the sixth-largest independent equipment finance company in the United States. 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,” said David Koshenina, head of Wells Fargo Lender Finance. “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,” said Robert K. Moskovitz, Chief Financial Officer of Verdant Commercial Capital. “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.”

For more on Verdant, see an Equipment Finance Advisor interview with Verdant leaders.