Crestmark Closes 12 Transactions Totaling More Than $8 Million in the First Half of July

Crestmark secured a total of $8,241,431 in financial solutions for 12 new clients in the first half of July.

  • A $150,000 accounts receivable purchase facility was provided on July 3 to a startup freight brokerage in Alabama. The financing will be used for working capital purposes.
  • On July 5, a $450,000 accounts receivable purchase facility was provided to a trucking company in Colorado. The financing will be used for working capital purposes.
  • A $1,500,000 accounts receivable purchase facility was provided on July 7 to a startup trucking company in Texas. The financing will be used for working capital purposes.
  • On July 7, a $141,431 term loan facility was provided to a trucking company in Virginia. The financing will be used for capital equipment.
  • A $150,000 accounts receivable purchase facility was provided on July 7 to a startup trucking brokerage in Illinois. The financing will be used for working capital purposes.
  • On July 7, a $250,000 traditional factoring facility was provided to a wholesaler of women’s fashion jewelry in Texas. The financing will be used for working capital purposes.
  • A $1,000,000 new lease transaction was completed on July 11 with a telecommunications company in the northeastern U.S. The financing will be used for technology equipment.
  • On July 12, a $500,000 ledgered line of credit facility was provided to a temporary staffing agency in Michigan. The financing will be used for working capital purposes.
  • A $100,000 accounts receivable purchase facility was provided on July 12 to a startup trucking company in Pennsylvania. The financing will be used for working capital purposes.
  • On July 12, a $1,500,000 accounts receivable purchase facility was provided to a trucking company in California. The financing will be used for working capital purposes.
  • A $1,000,000 accounts receivable purchase facility was provided on July 14 to a startup trucking company in Missouri. The financing will be used for working capital purposes.
  • On July 14, a $1,500,000 new lease transaction was completed with a technology services company in the eastern U.S. The financing will be used for technology equipment.

Crestmark is an FDIC-insured bank that provides innovative financial solutions for businesses nationwide. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, term loans, factoring, machinery/equipment financing and equipment leasing. Crestmark has extensive experience in helping many industries including transportation, manufacturing, staffing, petrochemical, government contractors, apparel/footwear/furniture distribution/manufacturing, hospitality/hotels, insurance agencies, and technology hardware/software. Headquartered in Michigan, with additional offices in California, Florida, Louisiana, Tennessee, New York, and Illinois; and representatives nationwide.  www.crestmark.com

 

BridgeSpan Capital and Crestmark Announce Joint Venture

(BLOOMFIELD HILLS, MICHIGAN, March 25, 2013) BridgeSpan Capital Partners and Crestmark are proud to announce the joint venture BridgeSpan Funding, formed specifically to provide short-term financing to investors in commercial real estate assets. Located in Bloomfield Hills, Michigan, the newly formed company will be managed by a diverse and experienced investment team.

The team is led by Matt Roslin as Managing Director, previously with Flagstar Bank as Chief Legal Officer and Executive Vice President of Administration; and supported by an Investment Committee that includes Mark Hammond, Geoff Langdon, and Steve Faliski, each of whom is also a founding partner of Bloomfield Hills-based Alidade Capital. Prior to forming Alidade, Hammond was CEO and President of Flagstar Bank; Langdon has been active in real estate investment and development of office and retail properties with Midelem Companies; and Faliski was previously with Chemical Bank (which became JP Morgan Chase), working in credit, underwriting and transaction management.

“Accessing traditional bank financing in an expeditious manner remains a challenge for commercial real estate investors throughout Michigan and the rest of the country,” said Matt Roslin, BridgeSpan Managing Director. “We understand the time-sensitive nature of transactions in today’s market and the importance of having a reliable financing source. BridgeSpan will provide up to $5 million of financing to qualified investors with cash-flowing properties for up to a three year term. We believe there is great market demand for loans in this space and with Crestmark’s experience in financing and support, teaming with them on this venture was a no-brainer.”

“We are excited about this additional venue to help businesses in our marketplace,” said Mick Goik, Crestmark President. “The BridgeSpan team is comprised of highly qualified individuals, and we look forward to a long and beneficial relationship.”

About BridgeSpan Capital Partners and BridgeSpan Funding
BridgeSpan Capital Partners was established to capitalize on the opportunity to provide loans to purchasers and existing owners of commercial real estate assets that, for various reasons, cannot quickly and efficiently access traditional financing sources. BridgeSpan Funding is a joint venture between BridgeSpan Capital Partners and Crestmark that was created to serve that market by providing borrowers with financing to “bridge” their projects to traditional financing sources in a cost-effective manner.

About Crestmark
Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit, factoring, and equipment financing. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, North Carolina, and Texas. www.crestmark.com

For more information, contact:
Matt Roslin
BridgeSpan Capital Partners
36400 Woodward Avenue, Suite 118
Bloomfield Hills, MI 48304
248.205.5575
roslin@bridgespancapital.com

# # #

12 transactions and more than $24 Million provided by Crestmark during the month of February

TROY, MICHIGAN (March 1, 2013) – During the month of February, Crestmark funded a total of $24,350,000 in financial solutions for 12 new clients.

  • Crestmark provided a $750,000 ledgered line of credit facility to a Michigan general labor staffing services company on February 5. Financing will be used for working capital.
  • On February 6, a $750,000 purchase facility was provided to California-based automotive hauler. The company has over 70 trucks in operation. Financing offers amortization and working capital.
  • A $600,000 ledgered line of credit facility was provided February 8 to an Illinois company that serves as a manufacturer’s rep for the commercial heating and cooling industry.
  • On February 13, Crestmark provided a $500,000 ledgered line of credit facility with advances on accounts receivable to a California company that sells a variety of media storage, such as backup tapes, flash drives, CD/DVDs, recordable Blu-ray discs and more. Financing will be used for working capital.
  • On February 13, a Missouri rehabilitation company was provided a $2,500,000 asset-based line of credit facility. The company provides contract therapy services to skilled nursing facilities, schools, and outpatient therapy clinics. Financing will be used for amortization and working capital.
  • Also on February 13, Crestmark provided a $2,000,000 ledgered line of credit facility to a California company that distributes and installs food service equipment for governmental agencies. Financing will be used for amortization and working capital.
  • On February 14, a $2,000,000 accounts receivables purchase facility was provided to an IT staffing company in Minnesota. Financing will be used for working capital.
  • On February 15, a $2,000,000 ledgered line of credit facility was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.
  • On February 22, a $4,500,000 asset-based line of credit facility with advances on accounts receivable and inventory was provided to a Michigan-based company that produces concrete component manufacturing equipment for both domestic and international concrete companies.
  • On February 25, a $750,000 ledgered line of credit facility with advances on accounts receivable was provided to a Georgia-based mattress manufacturer and distributor.
  • On February 26, a $6,000,000 asset-based line of credit facility with advances on accounts receivable and inventory was provided to a California company that specializes in the development of redemption prizes for recreational facilities.
  • Also on February 26, a $2,000,000 ledgered line of credit facility with advances on accounts receivable was provided to a Michigan start-up that brokers and trades ferrous and non-ferrous metals.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

###

Nine Transactions Closed the Last Weeks of January Total more than $16 Million for Crestmark

TROY, MICHIGAN (February 5, 2013) – Crestmark secured a total of $16,500,000 in financial solutions for nine new clients during the last weeks of January.

  • On January 14, Crestmark provided a $1,000,000 ledgered line of credit facility for a California manufacturer and distributor of firearm components and accessories. Funding will be used for working capital.
  • Also on January 14, a $750,000 accounts receivable purchase facility was provided for a Texas-based company specializing in various services related to mapping and surveying. Funding will offer working capital.
  • A $5,000,000 asset-based line of credit facility was provided to a New York company on January 16. The company is in the business of selling consumer products to large retailers across the country.
  • On January 18, Crestmark provided a $2,000,000 ledgered line of credit facility with advances on accounts receivable and inventory. The New York-based company manufactures nutritional products/supplements, including their own private label.
  • A $5,200,000 asset-based lending and term loan facility with advances on accounts receivable, inventory, machinery and equipment, was funded January 24 to a Michigan-based screw machine shop. The company specializes in small screws and fittings used in the manufacturing of automobiles, heavy duty trucks, construction equipment and off-road vehicles.
  • Also on January 24, Crestmark provided a $250,000 term loan facility with advances on machinery and equipment to an Indiana company that designs and manufactures currency change for self-service coin-operated industries – such as laundry, carwash, amusement, and vending machines. Funding will be used for working capital.
  • On January 29, Crestmark provided an $800,000 ledgered line of credit facility with advances on accounts receivable to a North Carolina manufacturer and nationwide distributor of safety equipment and supplies. Funding will be used for working capital.
  • On January 31, an existing Crestmark client was provided a $1,000,000 term loan facility. This Michigan-based customer is utilizing one of Crestmark’s new equipment financing products.
  • Also on January 31, a $500,000 term loan facility with advances on machinery and equipment was provided to a national electrical contractor based in Florida. The company provides energy-saving lighting products and installation services.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

###

Crestmark Now Offers Equipment Financing

(TROY, MICHIGAN, January 30, 2013) Crestmark is pleased to announce that we have expanded our services to include equipment financing. Not only is this a value-add to the innovative working capital solutions we currently offer, but it emphasizes Crestmark’s significant effort and continued focus to provide superior service to our customers. The opportunity includes various methods for lending on a businesses’ stand-alone manufacturing equipment; and looks to include options for financing rolling stock in the future.

“We are excited to be able to expand our available financing solutions. Over the last several years, we have undergone growth from a geographic perspective, and expanding our product line seemed like a natural step for us as we continue to help our clients,” said W. David Tull, Crestmark Founder and CEO. “As a company that started in Michigan over 16 years ago and who weathered the challenges of a changing economy, we are proud to be an American company, supporting businesses nationwide and in Canada.”

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

Crestmark Closes 11 Transactions Totaling nearly $13 Million the Last Weeks of December 2012

TROY, Michigan (January 2, 2013) – During the last few weeks of December a total of $12,850,000 in financial solutions was secured for 11 new Crestmark clients.

•On December 18 a $4,000,000 Ledgered Line of Credit facility was provided to a Texas company that provides various oilfield services. Funding will be used for amortization and provide additional working capital.
•Crestmark provided a $1,000,000 Traditional Factoring facility arrangement on December 19 for a Texas-based importer that sells apparel to large retailers across the county.
•Also on December 19, a $350,000 Accounts Receivable Purchase facility was provided to an Alabama-based healthcare staffing company. Funding will be used for amortization and additional working capital.
•A $500,000 Ledgered Line of Credit facility was funded December 21 for a Michigan screen-printing and embroidery company. The funding will provide working capital.
•Also on December 21, a $500,000 Accounts Receivable Purchase facility was arranged for a Louisiana-based company that focuses on costal monitoring and environmental and safety compliance training. Funding will provide amortization and additional working capital.
•A $750,000 Ledgered Line of Credit facility with advances in Accounts Receivable was secured for a California-based cheese company on December 24. The funding will provide additional working capital.
•On December 26 a $2,500,000 Ledgered Line of Credit facility secured by Accounts Receivable and inventory was provided to a Michigan-based company that specializes in decorative gems and stone accents.
•On December 27 a $1,750,000 Ledgered Line of Credit facility with advances in Accounts Receivable and inventory was provided to a California company that specializes in a wide variety of sweet to savory products.
•Also on December 27, a $500,000 Ledgered Line of Credit facility was arranged for a Florida-based physician staffing and recruitment company. Funding will provide additional working capital.
•On December 28 an Illinois trucking company was funded a $500,000 Accounts Receivable Purchase facility. Funding will provide working capital for this start-up company that hauls loads east of the Mississippi.
•Also on December 28, a Wisconsin metal treatment company received a $500,000 Ledgered Line of Credit facility with advances in Accounts Receivable. Funding will be used for acquisition and working capital.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

Crestmark Wins Three Awards of Excellence from the American Graphic Design

(TROY, MICHIGAN, December 20, 2012) Striving for excellence continues to pay off for Crestmark – most recently with the win of three 2012 Awards of Excellence from the American Graphic Design Awards. The company was recognized for the Holiday Greeting 2011, created of handmade paper by workers with disabilities or disadvantages; the Get a Leg Up Advertisement, with a focus on transportation financing; and the On the Move Florida Direct Mail, which notified industry contacts about the West Palm Beach office move. Lisa Beattie, Crestmark’s Vice President, Communications/Marketing Director created these pieces; this is the sixth year Lisa’s creative with Crestmark has been recognized.

The American Graphic Design Awards spotlights more than 8,000 entries from the graphics arts community – from advertising agencies and graphic design firms, to corporations, publishers, and more. Of those entries, 15 percent are recognized with an Awards Certificate of Excellence. The awards honor outstanding work across all media, including print and collateral, advertising and sales promotions, Internet and interactive design and other creative. This national design competition is sponsored by Graphic Design USA.

“It is great to have Crestmark’s messaging to the marketplace be recognized by the design industry,” said Marty Blake, Executive Vice President. “We’re proud of the quality work that Lisa and her team do for the Crestmark brand.”

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

Crestmark Closes Seven Transactions Totaling more than $6.5 Million the First Two Weeks of December

TROY, Michigan (December 19, 2012) – During the first two weeks of December a total of $6,550,000 in financial solutions was secured for seven new Crestmark clients.

•A $500,000 Accounts Receivable Purchase facility was funded December 3 for a California trucking company. The company transports produce and meats throughout the United States. Funding will be used for amortization and to reduce borrowing costs.

•Also on December 3, a South Carolina trucking company received a $150,000 Accounts Receivable Purchase facility to help facilitate start-up. This trucking company hauls general freight, and was referred to Crestmark by an existing client.

•A North Carolina plastic injection molding company was provided a $1,500,000 Accounts Receivable and Inventory Ledgered Line of Credit facility on December 4. Funding will be used for working capital.

•Crestmark provided a $1,500,000 Traditional Factoring facility arrangement on December 6 for a New Jersey-based company that sells designer accessories to retailers across the county.

•An Ohio printing company was funded a $1,750,000 Asset-Based Lending facility with advances on accounts receivable and inventory on December 7.

•On December 13 a New York computer assemblies and manufacturer was funded a $400,000 Term Loan facility with advances on machinery and equipment. The company has been in business for over 37 years.

•Also on December 13, and Illinois hospitality staffing company received a $750,000 Ledgered Line of Credit facility with advances on Accounts Receivable. The client was sourced from an existing customer and funding will be used for working capital.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

Crestmark Transactions total more than $3 Million during the Second Half of November

TROY, MICHIGAN (December 3, 2012) – During the second half of November Crestmark secured financial solutions for four new clients totaling $3,052,000. Here is the breakdown:

  • On November 13 a $1,152,000 Term Loan facility was funded for a New York manufacturer of disposable plastic products for the food industry. Funding will be used for working capital.
  • A $250,000 Traditional Factoring facility was funded November 20 for a New York start-up that distributes handbags and fashion accessories to large retailers across the country.
  • On November 21 Crestmark funded a $150,000 Accounts Receivable Purchase facility for a small trucking company based in Kentucky. Funding will be used for amortization and working capital.
  • November 30, Crestmark funded a $1,500,000 Ledgered Line of Credit facility for a California-based product development, distribution and marketing company that specializes in therapeutic products for children.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com.

Iain Michie Joins Crestmark Team

(TROY, MICHIGAN, November 19, 2012) – Crestmark is pleased to welcome Iain Michie, Vice President, Debtor Credit Manager. Michie works out of the Troy, Michigan, office.

Michie joins Crestmark from Marquette Commercial Finance in Texas, where he worked as a Credit Manager for five years. With over 45 years in the financial industry, Michie has tackled a range of positions – from collector, analyst, account, portfolio manager to CEO and President. He established himself working at a number of companies, including United Factors, Manufacturers Hanover, Heller, and Main Factors.

“Iain’s experience and knowledge are unparalleled and he will be a tremendous asset to our team,” said Jack R. Roper, Group President. “I enjoyed working with him in the past, and am glad to have him as a part of the Crestmark family.”

A native of Scotland, Michie moved to Canada and as a young adult spent 10 years working in the Arctic trading furs with the Eskimos. He began his financial career in Canada, and later moved with his family to Dallas. Michie has four children, is the proud grandfather to eight grandchildren, and this December he will celebrate his 25th wedding anniversary with wife Shannon.

Crestmark is a nationally known and respected FDIC-insured bank that provides innovative financial solutions for small- to medium-sized businesses. Financing solutions include asset-based lending, accounts receivable financing, lines of credit and factoring. Crestmark finances most business-to-business companies, and has extensive experience in helping many industries including transportation, manufacturing, staffing, government contractors, apparel and furniture manufacturing. Headquartered in Michigan, with offices in Florida, Louisiana, Tennessee, New York, Alabama, California, Illinois, Ohio, Missouri, North Carolina, and Texas. www.crestmark.com

# # #