MidCap Increases Credit Facility with Wells Fargo to Support New Equipment Finance Business
MidCap Small business Credit history enhanced its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will help MidCap to assistance the development of its existing asset-based lending business and guidance the launch of its devices finance vertical, MidCap Tools Finance, which will emphasis on supplying devices leases and financial loans in between $2 million and $20 million to middle-market customers in the United States and Canada.
“We are energized to expand our romance with Wells Fargo,” Steve Samson, president of MidCap Small business Credit rating, explained. “The loan company finance crew was quite supportive all over the process, and we are now capable to present each asset-dependent lending and equipment financing to our prospects whilst leveraging our arduous credit rating, servicing and finance functions.”
“Wells Fargo values our marriage with MidCap, and we are happy to support their strategic program and expanded merchandise giving,” Stewart Hayes, controlling director for the financial institution finance division of Wells Fargo Capital Finance, stated. “We are delighted to be section of MidCap’s ongoing progress tale and glance ahead to assisting them continue on to provide middle-marketplace consumers.”
Saurin Shah will serve as president of MidCap Products Finance. Shah is an sector veteran with experience in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Devices Finance (previously Nations Gear Finance), which begun operations in 2010, He began his products finance profession with GE Cash.
Joining Shah, MidCap employed Matt Lightfoot as head of originations and Al Berger as head of credit for MidCap Tools Finance. Equally Lightfoot and Berger most recently worked for SLR Equipment Finance with Shah, investing far more than $1 billion in tools financial loans and leases across a selection of industries.
“I am extremely energized to join MidCap to build out an gear finance system,” Shah stated. “Since 2004 MidCap, has been serving middle-industry businesses nationwide with its asset-dependent lending product or service. MidCap is a respected brand name and constant pressure in the business. This growth, with the aid of Wells Fargo, represents a distinctive opportunity for our shoppers. We have excellent staff with established working experience that has labored with each other for numerous a long time. We are committed to bringing our knowledge and skills to the market.”