MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance
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WEST HARTFORD, Conn., April 11, 2022–(Business WIRE)–MidCap Business enterprise Credit enhanced its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will empower MidCap to help the growth of its current asset-based lending organization and assist the launch of its devices finance vertical, MidCap Equipment Finance, which will concentrate on giving gear leases and financial loans amongst $2 million and $20 million to center-industry prospects in the United States and Canada.
Steve Samson, president of MidCap Business enterprise Credit, stated, “We are excited to increase our relationship with Wells Fargo. The Lender Finance workforce was pretty supportive all over the method, and we are now equipped to give each asset-dependent lending and gear financing to our clients although leveraging our demanding credit score, servicing, and finance functions.”
“Wells Fargo values our relationship with MidCap, and we are proud to aid their strategic program and expanded product or service offering,” stated Stewart Hayes, running director for the Loan provider Finance division of Wells Fargo Money Finance. “We are pleased to be section of MidCap’s ongoing progress story and glimpse ahead to serving to them proceed to provide center-market place consumers.”
Saurin Shah will serve as president of MidCap Gear Finance. Shah is an field veteran with deep know-how in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance, which began operations in 2010 (formerly Nations Products Finance). He started his products finance profession with GE Capital. Joining Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit score. Both Lightfoot and Berger were most recently at SLR Products Finance and worked closely with Shah in the earlier. This staff invested in excess of $1 billion in equipment financial loans and leases across a selection of industries.
“I am extremely fired up to be a part of MidCap to make out an devices finance system,” mentioned Saurin Shah. “Given that 2004 MidCap has been serving center-market businesses nationwide with its asset-primarily based lending item. MidCap is a respected brand and regular pressure in the field. This growth, with the aid of Wells Fargo, signifies a exclusive prospect for our shoppers. We have great group with confirmed knowledge that has labored with each other for a lot of many years. We are dedicated to bringing our expertise and knowledge to the market.”
See supply model on businesswire.com: https://www.businesswire.com/news/house/20220411005174/en/
Contacts
Saurin Shah
203-516-6726
[email protected]
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