MidCap Increases Credit Facility with Wells Fargo to Support New Equipment Finance Business

MidCap Business enterprise Credit score amplified its senior credit facility with Wells Fargo Capital Finance to $200 million. This upsize will permit MidCap to guidance the advancement of its current asset-primarily based lending enterprise and assist the launch of its equipment finance vertical, MidCap Products Finance, which will concentration on delivering tools leases and financial loans amongst $2 million and $20 million to middle-market shoppers in the United States and Canada.

“We are energized to develop our romantic relationship with Wells Fargo,” Steve Samson, president of MidCap Business enterprise Credit rating, reported. “The loan company finance crew was really supportive through the approach, and we are now ready to offer you each asset-based mostly lending and gear financing to our buyers whilst leveraging our demanding credit score, servicing and finance operations.”

“Wells Fargo values our relationship with MidCap, and we are happy to help their strategic program and expanded solution presenting,” Stewart Hayes, running director for the loan company finance division of Wells Fargo Capital Finance, claimed. “We are delighted to be aspect of MidCap’s ongoing growth tale and seem forward to supporting them proceed to provide center-sector shoppers.”

Saurin Shah will provide as president of MidCap Gear Finance. Shah is an market veteran with expertise in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Equipment Finance (previously Nations Products Finance), which started out operations in 2010, He started his devices finance vocation with GE Money.

Becoming a member of Shah, MidCap hired Matt Lightfoot as head of originations and Al Berger as head of credit score for MidCap Machines Finance. Equally Lightfoot and Berger most lately worked for SLR Devices Finance with Shah, investing more than $1 billion in equipment loans and leases throughout a range of industries.

“I am incredibly fired up to be a part of MidCap to build out an gear finance platform,” Shah explained. “Since 2004 MidCap, has been serving middle-current market corporations nationwide with its asset-primarily based lending solution. MidCap is a revered brand name and constant power in the business. This growth, with the help of Wells Fargo, represents a unique possibility for our prospects. We have fantastic crew with proven working experience that has worked collectively for lots of years. We are committed to bringing our knowledge and knowledge to the market.”