Case Summary: Carite

Carite

$45.0MM Senior Secured Term Loan

Overview

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.

Situation

Since its inception, the Company has grown both their location network and lease portfolio with equity capital. CARite determined that to facilitate future growth it was the appropriate time to partner with an institutional capital provider.

Solution

Crystal agented a $45.0MM Senior Secured Facility to refinance existing debt and provide incremental liquidity through a committed delayed draw term loan to finance lease portfolio growth.