Carite
$45 million 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.
“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. ”
—-John Neary, CEO