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

WEST HARTFORD, Conn., April 11, 2022–(Enterprise WIRE)–MidCap Business enterprise Credit elevated its senior credit rating facility with Wells Fargo Money Finance to $200 million. This upsize will empower MidCap to aid the expansion of its present asset-primarily based lending small business and aid the start of its tools finance vertical, MidCap Equipment Finance, which will emphasis on furnishing devices leases and loans involving $2 million and $20 million to middle-industry shoppers in the United States and Canada.

Steve Samson, president of MidCap Business Credit score, mentioned, “We are thrilled to grow our romance with Wells Fargo. The Loan provider Finance team was pretty supportive all through the course of action, and we are now in a position to supply equally asset-primarily based lending and devices funding to our consumers when leveraging our demanding credit score, servicing, and finance operations.”

“Wells Fargo values our connection with MidCap, and we are happy to help their strategic plan and expanded solution featuring,” said Stewart Hayes, running director for the Lender Finance division of Wells Fargo Funds Finance. “We are pleased to be portion of MidCap’s ongoing growth story and appear ahead to encouraging them keep on to serve center-market clients.”

Saurin Shah will serve as president of MidCap Devices Finance. Shah is an industry veteran with deep skills in structuring products transactions. Prior to MidCap, Shah was a co-founder of SLR Tools Finance, which started out functions in 2010 (previously Nations Equipment Finance). He commenced his equipment finance job with GE Funds. Joining Shah, MidCap has hired Matt Lightfoot as head of originations and Al Berger as head of credit history. The two Lightfoot and Berger have been most not too long ago at SLR Gear Finance and labored closely with Shah in the earlier. This team invested around $1 billion in products loans and leases throughout a wide range of industries.

“I am quite energized to be a part of MidCap to construct out an products finance platform,” reported Saurin Shah. “Considering the fact that 2004 MidCap has been serving center-market organizations nationwide with its asset-primarily based lending merchandise. MidCap is a respected brand and consistent power in the business. This expansion, with the aid of Wells Fargo, signifies a distinctive possibility for our prospects. We have good workforce with established expertise that has labored collectively for numerous many years. We are dedicated to bringing our awareness and expertise to the marketplace.”

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Contacts

Saurin Shah
203-516-6726
[email protected]