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Online lender Fundation secures $120M credit facility

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Online lender Fundation secures $120M credit facility

Fundation Group LLC, a lender and credit solutions provider, has secured a $120 million asset-backed credit facility from SunTrust Bank.

Waterfall Asset Management was included in the facility as a class B lender.

Fundation maintains a separate $120 million asset-backed credit facility with Goldman Sachs Bank USA and a $35 million facility with MidCap Financial.

Fundation, which provides credit to small businesses through banks and partnerships, is majority-owned by private equity firm Garrison Investment Group LP The company currently has partnerships with Regions Bank, Citizens Bank, the BancAlliance network of community banks, the Minority Business Development Agency and several other partners.