MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance
WEST HARTFORD, Conn., April 11, 2022–(Company WIRE)–MidCap Business Credit score increased its senior credit rating facility with Wells Fargo Money Finance to $200 million. This upsize will empower MidCap to guidance the progress of its current asset-primarily based lending small business and aid the launch of its devices finance vertical, MidCap Tools Finance, which will concentration on offering equipment leases and financial loans among $2 million and $20 million to middle-current market consumers in the United States and Canada.
Steve Samson, president of MidCap Enterprise Credit score, mentioned, “We are thrilled to expand our marriage with Wells Fargo. The Loan provider Finance staff was very supportive all over the procedure, and we are now in a position to offer the two asset-primarily based lending and products financing to our clients though leveraging our rigorous credit, servicing, and finance operations.”
“Wells Fargo values our marriage with MidCap, and we are proud to support their strategic plan and expanded merchandise featuring,” mentioned Stewart Hayes, handling director for the Lender Finance division of Wells Fargo Money Finance. “We are delighted to be aspect of MidCap’s ongoing development tale and search forward to assisting them carry on to serve center-marketplace purchasers.”
Saurin Shah will serve as president of MidCap Devices Finance. Shah is an industry veteran with deep expertise in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance, which started off operations in 2010 (previously Nations Devices Finance). He started off his devices finance vocation with GE Funds. Signing up for Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit. Both equally Lightfoot and Berger have been most not too long ago at SLR Tools Finance and worked carefully with Shah in the previous. This workforce invested about $1 billion in tools loans and leases throughout a wide range of industries.
“I am very fired up to sign up for MidCap to build out an tools finance system,” reported Saurin Shah. “Considering that 2004 MidCap has been serving middle-market corporations nationwide with its asset-primarily based lending merchandise. MidCap is a respected brand name and constant pressure in the marketplace. This growth, with the assistance of Wells Fargo, signifies a special possibility for our consumers. We have fantastic crew with confirmed encounter that has worked jointly for quite a few several years. We are dedicated to bringing our information and know-how to the market.”
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Contacts
Saurin Shah
203-516-6726
[email protected]
