Calabasas specialty finance firm Fast A/R Funding announced Monday that it has acquired Continental Business Credit in Woodland Hills, a fellow specialty finance firm and asset-based lender. Terms of the deal were not disclosed.
Both Fast A/R Funding and Continental specialize in factoring – business lending that is collateralized by a company’s accounts receivable. 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.
“Our technology base and streamlined processing will allow their clients to more quickly access funding while still dealing with familiar Continental personnel,” said Matt Begley, chief executive of Fast A/R Funding. “Going forward, our combined portfolio size will also allow us to complete larger loans to existing and new clients.”
“This is a win/win opportunity,” said Continental Founder Lee Hirsch. “The acquisition allows our clients to benefit from service enhancements while continuing the long standing relationships with the Continental team.”
Wells Fargo Capital Finance provided financing for the deal.