The commitment can extend to $100 million if certain conditions occur.
SunTrust served as structuring and administrative agent. They committed $50 million. AloStar provided the remaining $20 million.
The $70 million more than doubles Credibly’s on balance sheet funding capacity and is consistent with Credibly’s strategy of on-balance sheet, whole loan sales and securitization.
“Being vetted and validated by a bank partner of SunTrust’s stature is one of our greatest milestones to date, and provides us with one of the lowest costs of capital in the industry,” Credibly’s CEO Glenn Goldman, said. “The continued participation from AloStar gives us increased flexibility in our product suite, which in turn provides better terms for borrowers and helps us execute on our core philosophy that all small businesses deserve access to right-sized capital.”
Credibly’s recent performance helped attract the new funds. They doubled revenue in the past year, and made several industry lists, including Crain’s 50 fastest growing companies in New York and Inc. 500 fastest growing private companies in America.
This announcement was well received by Credibly investors.
“The new SunTrust facility is a validation of the strength of the platform and team that Credibly has built,” Flexpoint Ford Managing Director Steve Begleiter said. “We remain extremely excited about our partnership with Glenn and his team.”