WEST HARTFORD, Conn., April 11, 2022–(Enterprise WIRE)–MidCap Business enterprise Credit history greater its senior credit score facility with Wells Fargo Funds Finance to $200 million. This upsize will help MidCap to guidance the progress of its present asset-centered lending enterprise and support the launch of its tools finance vertical, MidCap Machines Finance, which will target on supplying gear leases and financial loans involving $2 million and $20 million to middle-sector shoppers in the United States and Canada.
Steve Samson, president of MidCap Business enterprise Credit history, said, “We are energized to increase our relationship with Wells Fargo. The Loan provider Finance group was quite supportive all through the process, and we are now able to offer equally asset-primarily based lending and tools financing to our clients when leveraging our demanding credit, servicing, and finance functions.”
“Wells Fargo values our connection with MidCap, and we are proud to support their strategic prepare and expanded products presenting,” claimed Stewart Hayes, handling director for the Loan provider Finance division of Wells Fargo Capital Finance. “We are happy to be component of MidCap’s ongoing growth story and seem forward to aiding them keep on to provide center-industry purchasers.”
Saurin Shah will serve as president of MidCap Tools Finance. Shah is an industry veteran with deep experience in structuring machines transactions. Prior to MidCap, Shah was a co-founder of SLR Products Finance, which started out operations in 2010 (previously Nations Products Finance). He started off his devices finance occupation with GE Capital. Becoming a member of Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit. The two Lightfoot and Berger have been most just lately at SLR Devices Finance and labored closely with Shah in the past. This staff invested over $1 billion in products loans and leases throughout a wide range of industries.
“I am very excited to sign up for MidCap to create out an tools finance system,” claimed Saurin Shah. “Given that 2004 MidCap has been serving middle-marketplace corporations nationwide with its asset-dependent lending item. MidCap is a respected brand and regular force in the business. This expansion, with the help of Wells Fargo, signifies a distinctive prospect for our customers. We have good staff with demonstrated expertise that has worked jointly for quite a few a long time. We are dedicated to bringing our awareness and experience to the market.”
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