MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance2 min read
WEST HARTFORD, Conn., April 11, 2022–(Enterprise WIRE)–MidCap Business Credit history elevated its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will help MidCap to guidance the expansion of its current asset-primarily based lending enterprise and assistance the start of its products finance vertical, MidCap Equipment Finance, which will focus on giving devices leases and loans in between $2 million and $20 million to middle-sector clients in the United States and Canada.
Steve Samson, president of MidCap Enterprise Credit history, mentioned, “We are enthusiastic to increase our relationship with Wells Fargo. The Financial institution Finance workforce was extremely supportive all over the course of action, and we are now ready to offer you both asset-primarily based lending and tools funding to our clients while leveraging our arduous credit rating, servicing, and finance operations.”
“Wells Fargo values our partnership with MidCap, and we are proud to assistance their strategic plan and expanded product providing,” said Stewart Hayes, handling director for the Financial institution Finance division of Wells Fargo Money Finance. “We are pleased to be section of MidCap’s ongoing development story and appear ahead to encouraging them carry on to serve center-current market consumers.”
Saurin Shah will serve as president of MidCap Devices Finance. Shah is an business veteran with deep knowledge in structuring equipment transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance, which started off operations in 2010 (formerly Nations Machines Finance). He began his tools finance profession with GE Money. Joining Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit score. Each Lightfoot and Berger were being most lately at SLR Gear Finance and worked carefully with Shah in the earlier. This crew invested about $1 billion in equipment loans and leases across a variety of industries.
“I am pretty enthusiastic to be part of MidCap to make out an devices finance system,” claimed Saurin Shah. “Considering the fact that 2004 MidCap has been serving middle-marketplace providers nationwide with its asset-based lending products. MidCap is a revered model and dependable force in the market. This expansion, with the guidance of Wells Fargo, signifies a distinctive prospect for our consumers. We have terrific workforce with verified expertise that has worked alongside one another for several yrs. We are dedicated to bringing our know-how and know-how to the marketplace.”
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