Idea Financial closes $84 million warehouse facility with Specialty Finance Division of Synovus Bank and Hudson Cove

MIAMI, July 7, 2021 /PRNewswire/ — Idea Financial, an industry leader in small business lines of credit, has successfully closed a…

MIAMI, July 7, 2021 /PRNewswire/ — Idea Financial, an industry leader in small business lines of credit, has successfully closed a new warehouse facility with Synovus Bank Specialty Finance and Hudson Cove Capital Management. The commitment from Synovus and Hudson Cove increases Idea Financial’s capacity to extend competitive and flexible financial products to Main Street. In addition, Idea Financial will be expanding into the underserved legal finance market by offering case expense financing solutions to plaintiff lawyers and law firms.

«We are grateful to Synovus and Hudson Cove for their partnership and for providing Idea with committed capital to continue providing Main Street America the financing needed during this post-Covid recovery,» said Justin Leto, CEO and co-founder of Idea Financial. Larry Bassuk, President and co-founder of Idea Financial added, «In addition to providing capital for our core small business lending operation, this new warehouse facility allows us the opportunity to extend meaningful liquidity to plaintiff lawyers and law firms that incur significant case related expenses.»

Leto and Bassuk are both Florida licensed trial lawyers and previously developed a specialty insurance program, Level Insurance, which provides law firms with case expense recovery protection. Through this warehouse facility, they will be able to expand Idea Financial into attorney cost financing and complement this strategy by also marketing valuable insurance coverage to law firm clients.

«We are very excited to be working with the team at Idea Financial, as the platform, personnel and approach to lending are all exceptional. In particular, we hold in high regard the Company’s strategy in working with their client base during the most difficult periods of 2020,» said Jayan Krishnan, Managing Director of Synovus Bank Structured Lending Division.

«We are thrilled to be partnering with Idea Financial as they continue to offer innovative financial solutions for small businesses, which is of paramount importance as we enter this post-Covid recovery,» said Fred Wang, Partner and Portfolio Manager at Hudson Cove Capital Management.

Idea Financial is a provider of small business solutions, providing a unique line of credit as well as term loans to small businesses. IDF provides up to $250K in funds with same day approval and funding. In addition, IDF is expanding its product line to include case expense loans exclusive for attorneys as well as small business insurance products. IDF has funded thousands of American small businesses and is proud to help businesses #ChargeForward.

Synovus Bank, a Georgia-chartered, FDIC-insured bank, provides commercial and retail banking and a full suite of specialized products and services, including private banking, treasury management, wealth management, mortgage services, premium finance, asset-based lending, structured lending, and international banking through 285 branches in Georgia, Alabama, South Carolina, Florida, and Tennessee. Synovus is a Great Place to Work-Certified Company and is on the web at synovus.com, and on Twitter, Facebook, LinkedIn, and Instagram. Equal Housing Lender.

Hudson Cove Capital Management is a SEC registered minority-owned asset manager investing in liquid structured credit and asset-based lending strategies based in New Jersey. Since its founding in 2009, Hudson Cove Capital has originated and invested capital in asset-based lending transactions to specialty finance borrowers across a broad range of sectors.

CONTACT: Salina Erazo, Director of Marketing, 805.300.9109, serazo@ideafinancial.com

 

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SOURCE Idea Financial