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XS Financial Closes $2MM Credit Facility to Support Growth of Leasing Portfolio

November 30, 2020, 07:05 AM
Filed Under: Cannabis

XS Financial Inc., a specialty finance company providing equipment leasing solutions to cannabis and hemp companies in the United States, announced it has successfully closed a $2 million senior secured revolving credit facility, with an FDIC insured bank, which has a term of two years, expiring in November 2022.

XS Financial intends to use such loan proceeds, together with cash on hand, to fund additional equipment leases with new and existing customers.

Antony Radbod, Chief Operating Officer of XS Financial, commented: "This credit facility provides XS Financial with greater financial flexibility and better positions us for long-term success. We believe our ability to secure this revolving facility with favorable pricing and terms speaks to both the credibility of XS Financial, the shifting sentiment toward the industry we serve, and the growing number of high-quality customers we finance, including large publicly traded multi-state operators. We are excited to close our first credit facility with an FDIC insured bank and anticipate gaining access to additional credit lines as we scale our leasing portfolio."

Loans made under the revolving facility will bear interest at an annual rate equal to the greater of i) 8 percent per annum or ii) the Wall Street Journal Prime plus 4 percent and may be prepaid with no penalty at any time.

For more information on XS Financial, which changed its name from Xtraction Services, see Equipment Finance Advisor’s interview with Kenneth Senter.

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