MidCap Increases Credit Facility with Wells Fargo to Support New Equipment Finance Business
MidCap Enterprise Credit rating enhanced its senior credit facility with Wells Fargo Cash Finance to $200 million. This upsize will permit MidCap to aid the advancement of its existing asset-primarily based lending small business and help the launch of its equipment finance vertical, MidCap Tools Finance, which will concentrate on offering devices leases and financial loans between $2 million and $20 million to center-marketplace prospects in the United States and Canada.
“We are thrilled to increase our connection with Wells Fargo,” Steve Samson, president of MidCap Business enterprise Credit history, claimed. “The financial institution finance staff was extremely supportive during the procedure, and we are now able to give both asset-centered lending and gear financing to our shoppers though leveraging our rigorous credit score, servicing and finance functions.”
“Wells Fargo values our relationship with MidCap, and we are very pleased to guidance their strategic system and expanded product offering,” Stewart Hayes, handling director for the financial institution finance division of Wells Fargo Cash Finance, mentioned. “We are delighted to be component of MidCap’s ongoing growth story and glance forward to helping them go on to serve center-marketplace clients.”
Saurin Shah will provide as president of MidCap Products Finance. Shah is an sector veteran with skills in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Products Finance (previously Nations Gear Finance), which started off operations in 2010, He started out his gear finance profession with GE Money.
Signing up for Shah, MidCap employed Matt Lightfoot as head of originations and Al Berger as head of credit rating for MidCap Tools Finance. Both Lightfoot and Berger most recently labored for SLR Devices Finance with Shah, investing additional than $1 billion in equipment financial loans and leases throughout a selection of industries.
“I am very fired up to join MidCap to establish out an gear finance platform,” Shah claimed. “Since 2004 MidCap, has been serving center-market companies nationwide with its asset-dependent lending item. MidCap is a revered model and dependable drive in the business. This expansion, with the support of Wells Fargo, represents a exclusive option for our customers. We have terrific workforce with tested expertise that has labored jointly for lots of yrs. We are fully commited to bringing our awareness and knowledge to the marketplace.”