Newtek Business Services, a joint venture with a subsidiary of BlackRock TCP Capital, closed a $100 million senior-secured revolving credit facility with Deutsche Bank. The new facility includes a $100 million accordion feature, allowing the JV to increase the borrowing available under the facility to $200 million.
Newtek Conventional Lending anticipates using the added leverage to grow its business of originating non-conforming conventional term loans to small- and medium-sized businesses (SMBs) and middle-market companies.