Calabasas specialty finance firm Fast A/R Funding announced on Monday that it has acquired Continental Business Credit, a fellow specialty finance firm and asset-based lender in Woodland.
Fast A/R Funding and Continental both specialize in factoring, lending collateralized by a company’s accounts receivable. Terms of the deal were not disclosed.
Continental will maintain its name and operate as a business unit of Fast A/R Funding, but it will have access to Fast A/R Funding’s proprietary technology, which enables expedited approvals and is available 24 hours a day.
“Going forward, our combined portfolio size will also allow us to complete larger loans to existing and new clients,” said Matt Begley, chief executive of Fast A/R Funding.
“The acquisition allows our clients to benefit from service enhancements while continuing the long-standing relationships with the Continental team,” added Lee Hirsch, founder of Continental.
Wells Fargo Capital Finance provided financing for the deal.