Pasadena Private Finance, LLC (“PPF”) is pleased to announce that it has closed on a $30,000,000 senior credit facility with East West Bank, the largest publicly traded bank headquartered in Southern California, with an expertise in lending to specialty finance companies.
The Credit Facility has a maturity of three years, is priced at LIBOR/SOFR + 3.25% and allows for up to 65% advance rate on the PPF loan portfolio. The credit facility will allow PPF to increase its current portfolio and take advantage of favorable trends in the Guaranteed Business Loan market. As Government stimulus programs begin to sunset, there is a strong demand from lower-middle market companies to access creative and flexible credit from responsive non-bank lenders like PPF.
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Michael McAdams, CEO of PPF said: “We are excited to increase our ability to serve lower-middle market firms with this enhanced credit facility from East West Bank. The decades of experience of our team allow us to see ways to make good loans to good firms run by established entrepreneurs.”
Iain Whyte, Chairman of PPF and of Pasadena Private Holdings, PPF’s parent added: “We were fortunate to find in East West Bank a nationally-recognized banking partner willing to listen to our unique story and roll up their sleeves, in the same way we do for our own borrowers. The fact that East West Bank is also located in our hometown of Pasadena is a wonderful bonus.”
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Andrew Stein, Senior Managing Director and Head of Specialty Finance of East West Bank said: “Over the past several years, we have developed expertise in the specialty finance space, and our portfolio has demonstrated strong double digit growth year-in and year-out. Our experience allows us to support emerging lenders with strong management teams and unique programs like PPF.”
