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Engs Commercial Finance Closes $100MM Securitization Warehouse Facility

April 20, 2017, 07:15 AM
Filed Under: Industry News

Engs Commercial Finance (“ENGS”) announced that it has closed a $100MM securitization warehouse facility with the Bank of Montreal (“BMO”) as Lender and BMO Capital Markets Corp. as Agent. This facility adds incremental liquidity to ENGS’ existing $455 million credit facility, and further supports the growth initiatives at ENGS.

Scott Franklin, Senior Vice President of Capital Markets at ENGS, stated, “The Bank of Montreal has been an important partner to ENGS for more than five years and we are pleased that the relationship is continuing to expand. BMO has been with us from the very beginning as we have grown ENGS from $100MM in assets in 2012 to over $600MM in assets today. This warehouse facility provides additional cost efficient capacity to aggregate assets which will ultimately be sold into the term securitization market, a key component to our overall capital markets strategy.”

Dan McNamara, Head of Financial Institutions Investment and Corporate Banking for BMO Capital Markets added, “We are excited to provide ABS warehousing capacity to ENGS as part of our growing relationship and support ENGS in its growth plans by facilitating access to efficient sources of capital.”

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