The US-based alternative lending platform will use the cash to expand its reach in mid market lending.
Asset-based lender the Credit Junction has secured a $150m credit facility from MidCap Financial, a capital provider to the middle market specialty finance industry.
The Credit Junction offers US firms asset-based financing since its launch in May 2015 and is part of the GLI Finance stable of alternative finance providers. MidCap Financial is a middle market-focused balance sheet lender with over $15bn of lending across various strategies since its founding in 2008.
“MidCap Financial has a deep understanding of our business and the markets we serve, and they are an ideal partner to help support our next phase of growth,” said Michael Finkelstein, CEO & Founder of The Credit Junction.
“With an expanded capital base, we are enhancing our ability to deliver unique, asset-based lending solutions to support the supply chain economy. We have made significant strides to support the growth capital needs of America’s suppliers, distributors and manufacturers that are underserved by traditional banking institutions, and we look forward to working with MidCap Financial to accelerate those efforts,” he added.
Targeting growth-oriented suppliers, distributors and manufacturers – normally with revenues between $5 and $50m, the Credit Junction allows up to $7.5m of capital to firms.
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