BOSTON--(BUSINESS WIRE)--Crystal Financial LLC today announced the completion of a $45.0 million Senior Credit Facility for CARite Holdings, LLC. Headquartered in Madison Heights, MI, the company sells and leases previously owned vehicles through their network of owned and partnered CARite locations. Through Brite Financial Services, LLC they provide access to lease financing options for consumers with limited or poor credit history.
Proceeds from this facility will be used to refinance existing debt and to fund lease portfolio growth.
“At CARite we are focused on making the car purchasing process a better experience through great selection, transparent pricing and multiple financing options. At this important juncture in our Company’s history, it was critical that our first institutional debt capital partner understand our business and our goals. Crystal’s extensive underwriting expertise in the specialty finance sector in addition to their creative structuring approach set them apart as we considered various options. Finally, the inclusion of a delayed draw facility as part of the overall commitment will allow us to continue to expand our lease financing business with certainty. ” said John Neary, CEO, CARite
Steven A. Migliero, Jr, Co-CEO of Crystal Financial said, “John and his team have done a tremendous job building an organization that delivers a very strong consumer value proposition. We are excited to help facilitate their future growth and continued success.”
About Crystal Financial LLC
Crystal Financial LLC, a portfolio company of Solar Capital Ltd. is an independent commercial finance company that provides senior and junior secured loans for both asset-based and cash flow financings (minimum of 10 million in fundings) to middle-market companies. Its team of experienced, responsive professionals has underwritten, closed and managed more than $20 billion in secured debt commitments across a wide range of industries. For more information please visit www.crystalfinco.com.
Established in 2011, CARite positions independent car dealers to better serve consumers with credit challenges. Participating dealers adopt the nationally recognized CARite brand identity and gain access to CARite’s proprietary systems and standardized processes. In addition, CARite dealers gain exclusive access to a unique subprime and near-prime leasing platform, which allows them to approve customers for leases on late model low mileage cars, regardless of their credit history.