PASADENA, Calif., Sept. 01, 2021 (GLOBE NEWSWIRE) -- 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.
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.”
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.”
About East West Bank
East West Bank provides financial services that help clients reach further and connect to new opportunities. The bank is wholly owned by East West Bancorp, Inc., which has total assets of $59.9 billion and is traded on the Nasdaq Global Select Market under the symbol “EWBC.” East West Bank operates over 120 locations in the United States and China. In the United States, East West Bank has branches in California, Georgia, Massachusetts, Nevada, New York, Texas, and Washington. In China, East West’s presence includes full-service branches in Hong Kong, Shanghai, Shantou, and Shenzhen, and representative offices in Beijing, Chongqing, Guangzhou, and Xiamen. For more information on East West, visit www.eastwestbank.com.
About Pasadena Private Finance
Pasadena Private Finance, LLC is a non-bank lender headquartered in Pasadena, CA, making Guaranteed Business Loans of $1 MM to $10 MM to lower middle-market companies with EBITDA of $1 MM to $5 MM. PPF focuses on companies controlled by successful entrepreneurs who are seeking to diversify their net worth, make an acquisition, buy-out minority shareholders or finance their growth. Loans are made or arranged pursuant to a California Finance Lenders Law license number 60DBO-84931. PPF is not yet licensed to make loans in all jurisdictions.
