Crestmark Provides $16.7MM in Commercial Financing to 64 Businesses

December 21, 2018, 07:20 AM

Filed Under: Transaction Announcements

Related: Crestmark, Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark provided more than $16.7 million in commercial financing to 64 businesses during the first half of December. Of that total, Crestmark Equipment Finance provided $740,098 with one new lease transaction and Crestmark Vendor Finance provided $3,580,701 in 51 new lease transactions.

In addition, Crestmark secured a total of $9,450,000 in ABL financial solutions for nine new clients; the Joint Ventures Division provided $1,515,171 for one new client; and the Government Guaranteed Lending Division provided $1,485,000 in financing for two new clients.

Crestmark Equipment Finance reports that Dec. 6, a $740,098 new lease transaction was completed with an oil and gas services company in the southern U.S. The financing will be used for capital equipment.

The Joint Ventures Division reports that on Dec. 12, a $1,515,171 120-month operating lease transaction was completed with a solar developer in Pennsylvania. The financing will be used to install a 734 kilowatt-direct current (KW DC) solar farm in Vermont, which has a private company as the offtaker.

The Government Guaranteed Lending Division:

On Dec. 7, a $215,000 term loan facility was provided to an independent insurance agency in Florida. The financing will be used for acquisition purposes.
A $1,270,000 solar construction term loan facility was provided to a solar energy provider in North Carolina on Dec. 11, which will be used to pay off an existing lender. Once the construction of the 2.0 MW DC utility-scale solar farm is completed, the term loan facility will be refinanced by a $1,270,000 USDA REAP (Rural Energy for America Program) permanent debt loan facility for a 25-year term; and will have an energy company as the offtaker.

Crestmark’s Asset-Based Lending Division:

On Dec. 4, a $3,000,000 ledgered line of credit facility was provided to a construction management services company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
A $1,500,000 accounts receivable purchase facility was provided to a startup IT consulting company in California on Dec. 4. The financing will be used for working capital purposes.
On Dec. 7, a $150,000 accounts receivable purchase facility was provided to a trucking company in North Carolina. The financing will be used to pay off an existing lender and for working capital purposes.
A $150,000 accounts receivable purchase facility was provided to a trucking company in Ohio on Dec. 13. The financing will be used to pay off an existing lender and for working capital purposes.
On Dec. 13, $3,000,000 ledgered line of credit facility was provided to a staffing company in Florida. The financing will be used to pay off an existing lender and for working capital purposes.
A $1,000,000 ledgered line of credit facility was provided to a staffing company in British Columbia, Canada, on Dec. 13. The financing will be used to pay off an existing lender and for working capital purposes.
On Dec. 14, a $200,000 accounts receivable purchase facility was provided to a trucking company in Alabama. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a trucking company in Georgia on Dec. 14. The financing will be used for working capital purposes.
On Dec. 14, a $150,000 accounts receivable purchase facility was provided to a startup trucking company in Arkansas. The financing will be used for working capital purposes.