PASADENA, Calif., September 01, 2021 (GLOBE NEWSWIRE) — Pasadena Private Finance, LLC (“PPF”) is pleased to announce that it has closed a $30,000,000 senior credit facility with East West Bank, the publicly traded bank largest based in Southern California, with experience in lending to specialized finance companies.
The credit facility has a maturity of three years, is priced at LIBOR/SOFR + 3.25% and allows for an advance rate of up to 65% on the PPF loan portfolio. The credit line will allow PPF to increase its current portfolio and take advantage of favorable trends in the commercial secured loan market. As government stimulus programs begin to expire, there is strong demand from lower-middle market businesses 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 businesses with this enhanced East West Bank line of credit. Our team’s decades of experience allow us to see ways to make good loans to good businesses run by established entrepreneurs.”
Iain Whyte, President of PPF and Pasadena Private Holdings, parent of PPF 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, just as they do for our own borrowers. The fact that East West Bank is also located in our hometown of Pasadena is a wonderful advantage.”
Andrew Stein, Senior Managing Director and Head of Specialist Finance at East West Bank, said: “Over the past few years, we have developed expertise in the specialist finance space, and our portfolio has shown strong double-digit growth year over year. . Our experience allows us to support emerging lenders with strong management teams and unique programs like PPF.”
About the Eastern West Bank
East West Bank provides financial services that help customers reach further and connect with new opportunities. The bank is wholly owned by East West Bancorp, Inc., which has total assets of $59.9 billion and is listed on the Nasdaq Global Select Market under the symbol “EWBC.” East West Bank operates more than 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 about East West, visit www.eastwestbank.com.
About Pasadena Private Finance
Pasadena Private Finance, LLC is a non-bank lender headquartered in Pasadena, CA, providing secured business loans of $1MM to $10MM to lower middle market companies with EBITDA of $1MM to $5MM. PPF focuses on companies controlled by successful entrepreneurs who are looking to diversify their net worth, make an acquisition, buy shares from minority shareholders, or finance their growth. Loans are made or arranged pursuant to the California Financial Lenders Act license number 60DBO-84931. PPF is not yet licensed to make loans in all jurisdictions.