MidCap Increases Credit Facility with Wells Fargo to Support New Equipment Finance Business
MidCap Business Credit history improved its senior credit rating facility with Wells Fargo Cash Finance to $200 million. This upsize will enable MidCap to assist the development of its current asset-dependent lending small business and assistance the launch of its equipment finance vertical, MidCap Equipment Finance, which will aim on giving machines leases and financial loans amongst $2 million and $20 million to center-marketplace customers in the United States and Canada.
“We are enthusiastic to grow our partnership with Wells Fargo,” Steve Samson, president of MidCap Small business Credit, mentioned. “The loan company finance staff was really supportive through the process, and we are now able to give the two asset-centered lending and devices financing to our buyers although leveraging our demanding credit history, servicing and finance functions.”
“Wells Fargo values our connection with MidCap, and we are proud to assistance their strategic program and expanded product or service offering,” Stewart Hayes, controlling director for the loan company finance division of Wells Fargo Cash Finance, stated. “We are delighted to be aspect of MidCap’s ongoing development tale and seem forward to aiding them proceed to provide middle-marketplace clients.”
Saurin Shah will provide as president of MidCap Products Finance. Shah is an marketplace veteran with knowledge in structuring tools transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance (previously Nations Tools Finance), which commenced operations in 2010, He began his machines finance career with GE Money.
Signing up for Shah, MidCap hired Matt Lightfoot as head of originations and Al Berger as head of credit for MidCap Products Finance. Both Lightfoot and Berger most recently worked for SLR Gear Finance with Shah, investing extra than $1 billion in equipment loans and leases across a selection of industries.
“I am extremely psyched to join MidCap to construct out an tools finance system,” Shah explained. “Since 2004 MidCap, has been serving center-market firms nationwide with its asset-primarily based lending product. MidCap is a respected model and reliable drive in the industry. This expansion, with the help of Wells Fargo, signifies a unique chance for our prospects. We have good workforce with confirmed working experience that has worked jointly for quite a few a long time. We are fully commited to bringing our understanding and knowledge to the marketplace.”