MidCap Business Credit launches new Equipment Finance Business, Increases Credit Facility with Wells Fargo Capital Finance

Melissa M. Taylor

WEST HARTFORD, Conn., April 11, 2022–(Business enterprise WIRE)–MidCap Enterprise Credit history amplified its senior credit history facility with Wells Fargo Funds Finance to $200 million. This upsize will enable MidCap to assist the growth of its present asset-centered lending company and aid the launch of its machines finance vertical, MidCap Equipment Finance, which will aim on delivering tools leases and loans involving $2 million and $20 million to middle-market buyers in the United States and Canada.

Steve Samson, president of MidCap Enterprise Credit score, said, “We are thrilled to increase our romance with Wells Fargo. The Loan company Finance workforce was incredibly supportive during the process, and we are now in a position to offer the two asset-dependent lending and tools financing to our shoppers although leveraging our rigorous credit history, servicing, and finance operations.”

“Wells Fargo values our connection with MidCap, and we are proud to support their strategic program and expanded product featuring,” claimed Stewart Hayes, handling director for the Loan provider Finance division of Wells Fargo Money Finance. “We are pleased to be part of MidCap’s ongoing growth tale and look ahead to supporting them go on to provide center-market place purchasers.”

Saurin Shah will serve as president of MidCap Machines Finance. Shah is an marketplace veteran with deep skills in structuring gear transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which begun operations in 2010 (previously Nations Products Finance). He started his tools finance vocation with GE Capital. Signing up for Shah, MidCap has employed Matt Lightfoot as head of originations and Al Berger as head of credit score. Both of those Lightfoot and Berger ended up most a short while ago at SLR Products Finance and labored closely with Shah in the past. This crew invested above $1 billion in equipment loans and leases throughout a variety of industries.

“I am very psyched to sign up for MidCap to establish out an devices finance system,” reported Saurin Shah. “Considering the fact that 2004 MidCap has been serving middle-market place businesses nationwide with its asset-primarily based lending solution. MidCap is a respected brand name and dependable drive in the business. This enlargement, with the assistance of Wells Fargo, represents a exclusive opportunity for our shoppers. We have excellent team with proven expertise that has worked collectively for lots of yrs. We are committed to bringing our information and knowledge to the market.”

See supply variation on businesswire.com: https://www.businesswire.com/information/dwelling/20220411005174/en/

Contacts

Saurin Shah
203-516-6726
[email protected]

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