MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance
WEST HARTFORD, Conn., April 11, 2022–(Organization WIRE)–MidCap Business Credit greater its senior credit facility with Wells Fargo Money Finance to $200 million. This upsize will empower MidCap to assistance the progress of its current asset-primarily based lending organization and help the launch of its tools finance vertical, MidCap Equipment Finance, which will target on giving devices leases and financial loans among $2 million and $20 million to middle-market place consumers in the United States and Canada.
Steve Samson, president of MidCap Small business Credit history, stated, “We are thrilled to grow our relationship with Wells Fargo. The Loan provider Finance staff was very supportive all over the course of action, and we are now equipped to provide both asset-based lending and gear funding to our consumers although leveraging our arduous credit rating, servicing, and finance operations.”
“Wells Fargo values our partnership with MidCap, and we are very pleased to assist their strategic program and expanded solution featuring,” reported Stewart Hayes, handling director for the Lender Finance division of Wells Fargo Capital Finance. “We are happy to be element of MidCap’s ongoing progress story and look ahead to serving to them go on to serve center-market place purchasers.”
Saurin Shah will provide as president of MidCap Devices Finance. Shah is an industry veteran with deep knowledge in structuring tools transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance, which commenced functions in 2010 (formerly Nations Devices Finance). He started off his products finance career with GE Funds. Signing up for Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit rating. Both equally Lightfoot and Berger ended up most not long ago at SLR Gear Finance and labored closely with Shah in the earlier. This workforce invested about $1 billion in tools loans and leases across a assortment of industries.
“I am incredibly enthusiastic to be part of MidCap to create out an products finance platform,” explained Saurin Shah. “Due to the fact 2004 MidCap has been serving middle-current market firms nationwide with its asset-based mostly lending product or service. MidCap is a highly regarded brand name and dependable drive in the industry. This expansion, with the guidance of Wells Fargo, represents a special chance for our clients. We have terrific group with confirmed encounter that has worked collectively for numerous a long time. We are dedicated to bringing our knowledge and abilities to the marketplace.”
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