MidCap Increases Credit Facility with Wells Fargo to Support New Equipment Finance Business
MidCap Company Credit elevated its senior credit rating facility with Wells Fargo Capital Finance to $200 million. This upsize will allow MidCap to guidance the advancement of its existing asset-primarily based lending enterprise and assistance the launch of its products finance vertical, MidCap Equipment Finance, which will concentration on supplying products leases and loans in between $2 million and $20 million to middle-industry shoppers in the United States and Canada.
“We are thrilled to broaden our partnership with Wells Fargo,” Steve Samson, president of MidCap Enterprise Credit score, said. “The loan provider finance team was incredibly supportive in the course of the process, and we are now in a position to offer the two asset-based lending and products funding to our shoppers whilst leveraging our rigorous credit history, servicing and finance operations.”
“Wells Fargo values our relationship with MidCap, and we are very pleased to support their strategic prepare and expanded item presenting,” Stewart Hayes, taking care of director for the lender finance division of Wells Fargo Funds Finance, reported. “We are delighted to be aspect of MidCap’s ongoing growth tale and search ahead to encouraging them carry on to serve middle-market shoppers.”
Saurin Shah will serve as president of MidCap Devices Finance. Shah is an business veteran with know-how in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Machines Finance (previously Nations Devices Finance), which begun operations in 2010, He started off his machines finance job with GE Cash.
Joining Shah, MidCap employed Matt Lightfoot as head of originations and Al Berger as head of credit for MidCap Gear Finance. Each Lightfoot and Berger most recently worked for SLR Tools Finance with Shah, investing extra than $1 billion in tools loans and leases across a selection of industries.
“I am extremely psyched to sign up for MidCap to make out an tools finance platform,” Shah reported. “Since 2004 MidCap, has been serving middle-industry firms nationwide with its asset-based lending products. MidCap is a revered manufacturer and regular drive in the marketplace. This growth, with the assist of Wells Fargo, signifies a unique possibility for our consumers. We have great workforce with verified practical experience that has worked together for many a long time. We are fully commited to bringing our knowledge and skills to the marketplace.”