CHICAGO, March 21, 2018 /PRNewswire/ -- Lendr, a leading provider of flexible working capital to small- and medium-sized businesses, specializing in business finance and factoring solutions, announced today the closing of a $25 million senior credit facility. MidCap Financial Trust served as the Administrative Agent for the transaction. The deal agreement provides Lendr with increased financing power and the expansion of the facility to $50 million.
"Partnering with MidCap will strengthen Lendr's position to expand and support the small- and medium-sized business community," said Tim Roach, CEO of Lendr. "All of us at Lendr are excited to work with MidCap who has displayed a unique understanding of our industry as well as the ability to think creatively in structuring the transaction. We look forward to growing our financing platform with the oversight of MidCap."
"We are excited to partner with Tim and the rest of the Lendr team as they grow the platform," said JD Gettmann, Managing Director at MidCap Financial. "This transaction provides flexible capital that will enable Lendr to execute on its near-term growth plan."
About Lendr Founded in 2011, Lendr offers fast, friction-free financial solutions through working capital and factoring to help small- and medium-sized business owners focus on what they do best: grow. Lendr has over 45 employees based in Chicago and New York and has achieved double digit percentage growth in originations since inception. Focusing on innovative sales, risk and technology efforts, Lendr delivers solutions to business owners seeking capital to enlarge, increase and enhance their companies. For more information visit www.lendr.co.
About Midcap Financial MidCap Financial is a middle market-focused, specialty finance firm that provides senior debt solutions to companies across all industries. We provide a broad array of products intended to finance growth and manage working capital. The company is headquartered in Bethesda, MD, with offices in Chicago and Los Angeles. For more information, visit www.midcapfinancial.com.
MidCap Financial refers to MidCap FinCo Designated Activity Company, a private limited company domiciled in Ireland, and its subsidiaries, including MidCap Financial Services, LLC. MidCap Financial Services, LLC employs all personnel and provides sourcing, due diligence and portfolio management services to MidCap FinCo Designated Activity Company pursuant to a services agreement. MidCap Financial is managed by Apollo Capital Management, L.P., a subsidiary of Apollo Global Management, pursuant to an investment management agreement.