Pasadena, CA, September 1, 2021 (GLOBE NEWSWIRE) — Pasadena Private Finance, LLC (“PPF”) is pleased to announce that it has closed a major $30,000,000 credit facility with East West Bank, the largest publicly traded bank Headquartered in Southern California, it has experience in lending to specialist financing firms.
The credit facility has a maturity date of three years, is priced at LIBOR/SOFR + 3.25% and allows an advance rate of up to 65% on the PPF loan portfolio. The credit facility will allow PPF to increase its existing portfolio and take advantage of positive trends in the secured commercial loan market. As government stimulus programs begin to wind down, there is strong demand from lower middle market firms for access to innovative and flexible credit from responsive non-bank lenders such as PPF.
Michael McAdams, CEO of PPF, said: “We are excited to increase our ability to serve lower-middle-income market companies through this enhanced credit facility from the eastern West Bank. The decades of experience our team has gained allows us to see ways to make good loans to good companies run by well-known entrepreneurs.”
Ian White, President of PPF and Pasadena Private Holdings, the parent company of PPF, added: “We have been fortunate to have found in the eastern West Bank a nationally recognized banking partner willing to listen to our unique story and roll up their sleeves, the same way we do. To our borrowers. The fact that the West Bank is also in our hometown of Pasadena is a wonderful bonus.”
Andrew Stein, Senior Managing Director and Head of Specialized Finance in East West Bank, said: “Over the past several years, we have advanced our expertise in specialized finance, and our portfolio has demonstrated strong double-digit growth year over year. Our experience allows us to support emerging lenders with strong management teams. and unique programs such as PPF”.
around the eastern West Bank
East West Bank offers financial services that help clients access 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 traded on the Nasdaq Global Select Market under the symbol “EWBC”. The East West Bank occupies more than 120 sites 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 and West, visit www.eastwestbank.com.
About Pasadena Private Finance
Pasadena Private Finance, LLC is a non-bank lender based in Pasadena, California that provides secured business loans from $1 million to $10 million to lower mid-market companies with EBITDA from $1 million to $5 million. PPF focuses on companies controlled by successful entrepreneurs seeking to diversify their net worth, acquire, buy out minority shareholders or finance their growth. Loans are made or arranged in accordance with California Financial Lenders Code 60DBO-84931. PPF is not yet licensed to provide loans in all jurisdictions.