DIAMOND BAR, Calif.--(BUSINESS WIRE)--NuBridge Commercial Lending LLC, a small-balance commercial bridge lender, announced today its completion of a new senior secured revolving credit facility with Cadence Business Finance, a division of Cadence Bank. The initial size of this 36-month committed credit facility is $20 million and is expected to grow to at least $50 million.
“The support of our financing partners is critical to NuBridge’s growth and to building our position in the national small-balance commercial lending market,” said Bill Komperda, CEO of NuBridge. “We are fortunate to work with Cadence on the new credit facility, and we are grateful for their support.”
“We are pleased to provide NuBridge with a customized lending solution that will support its growth and expansion plans,” said Norb Schmidt, Director of Capital Finance at Cadence Business Finance. “Understanding their needs helped us build a financing structure that will help them achieve their business objectives.”
David Ellington, Director of Originations at Cadence Business Finance, added, “Playing a critical role in our clients’ long-term success story is what drives our team, and we look forward to serving as a trusted growth capital advisor.”
“The Cadence credit facility builds on the momentum created through our recent equity partnership with Trive Capital, a Dallas-based private equity firm, and provides NuBridge with the capacity for continued expansion,” said Ed Resendez, President and COO of NuBridge. “The closing of our credit facility is a vote of confidence from Cadence and marks another important milestone for NuBridge. We are confident this transaction will enhance our success as we continue to expand NuBridge’s business.”
NuBridge plans to use its increased financing capacity to continue to capitalize on its national expansion. The company focuses on first-lien, short-term bridge loans to owners of multifamily apartment buildings (residential units), mixed-use properties (typically office or retail space, combined with residential apartments), single- and multi-tenant office buildings, retail properties, light industrial buildings, warehouses, self-storage facilities, and mobile home parks in 48 states and the District of Columbia. NuBridge is targeting loans ranging from $1-$10 million with 12- or 24-month terms.
About NuBridge Commercial Lending
Headquartered in Diamond Bar, California, NuBridge is a real estate lending platform that focuses on making first-lien, short-term bridge loans to owners of small-balance commercial properties in 48 states and the District of Columbia. NuBridge is targeting loans ranging from $1-$10 million with 12- or 24-month terms.
About Cadence Business Finance
Cadence Business Finance (CBF) provides creative asset-based lending and specialty finance solutions to meet the strategic and financial objectives of performing middle-market businesses. CBF also lends to specialty finance companies that make asset-based or asset-backed loans to U.S. businesses. Its experienced team of relationship-oriented advisors are experts at providing flexible financing structures and thoughtful in understanding the challenges of its clients, both now and throughout their lifecycle.