Crestmark Provides $48.4MM+ in Commercial Financing to 93 Businesses

January 08, 2020, 07:13 AM

Filed Under: Transaction Announcements

Related: Crestmark Equipment Finance, Crestmark Vendor Finance

Crestmark announced it provided more than $48.4 million in commercial financing to 93 businesses in the second half of December. Crestmark Equipment Finance provided $25,940,291 in 14 new lease transactions; Crestmark Vendor Finance provided $8,260,005 in 77 new lease transactions; Crestmark secured a total of $2,000,000 in ABL financial solutions for six new clients; and the Joint Ventures Division provided $12,250,000 in financing for one new client.

Crestmark Equipment Finance

On Dec. 16, a $952,525 new lease transaction was completed with a manufacturer of building products in the southern U.S. The financing will be used for capital equipment.
A $7,000,000 new lease transaction was completed with a producer of wholesale fuel in the northwestern U.S. on Dec. 17. The financing will be used for capital equipment.
On Dec. 17, two new lease transactions totaling $7,879,913 were completed with a producer of industrial sand in the southern U.S. The financing will be used for capital equipment.
Two new lease transactions totaling $1,535,856 were completed with a fitness club in the northeastern U.S. on Dec. 17 and Dec. 20. The financing will be used for capital equipment.
On Dec. 18, a $954,699 new lease transaction was completed with a rental services company in the southeastern U.S. The financing will be used for capital equipment.
A $982,551 new lease transaction was completed with a fitness club in the southwestern U.S. on Dec. 18. The financing will be used for capital equipment.
On Dec. 19, three new lease transactions totaling $1,872,350 were completed with a provider of infrastructure services in the northeastern U.S. The financing will be used for transportation equipment.
A $2,483,381 new lease transaction was completed with a food manufacturer in the midwestern U.S. on Dec. 20. The financing will be used for software.
On Dec. 20, a $1,749,353 new lease transaction was completed with a cosmetics company in the northeastern U.S. The financing will be used for capital equipment.
A $529,663 new lease transaction was completed with a staffing company in the northeastern U.S. on Dec. 20. The financing will be used for leasehold improvements.

Crestmark Vendor Finance
Crestmark Vendor Finance funded $8,260,005 in 77 new lease transactions for 76 clients in the second half of December. Some highlights included:

On Dec. 16, a new equipment finance transaction was completed with an audio-visual company in the southeastern U.S. The financing will be used for capital equipment.
A new equipment finance agreement was completed with a trucking company in the western U.S. on Dec. 20. The financing will be used for transportation equipment.
On Dec. 27, a new equipment finance agreement was completed with a farm in the southeastern U.S. The financing will be used for heavy equipment.
A new equipment finance transaction was completed with a coffee company in the midwestern U.S. on Dec. 31. The financing will be used for capital equipment.

Crestmark’s Asset-Based Lending Divisions

On Dec. 17, a $250,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
A $200,000 accounts receivable purchase facility was provided to a startup trucking company in California on Dec. 18. The financing will be used for working capital purposes.
On Dec. 20, a $150,000 accounts receivable purchase facility was provided to a trucking company in Florida. The financing will be used for working capital purposes.
A $1,000,000 accounts receivable purchase facility was provided to a startup staffing company in Michigan on Dec. 20. The financing will be used for working capital purposes.
On Dec. 23, a $100,000 accounts receivable purchase facility was provided to a trucking company in Iowa. The financing will be used for working capital purposes.
A $300,000 accounts receivable purchase facility was provided to a trucking company in California on Dec. 27. The financing will be used for working capital purposes.

The Joint Ventures Division

On Dec. 26, a $12,250,000 operating lease transaction was completed with a solar developer in Arizona. The financing will be used for a 7.18 MW DC solar farm in North Carolina, which has a utility as the offtaker.