Boston, MA, March 17, 2006 - NewStar Financial, Inc. ("NewStar), a Boston-based specialty finance company, announces that it has provided a $15 million warehouse facility to Reliance Finance Company, LLC ("Reliance").
Founded in 1998, Reliance is a privately-held specialty finance company based in Los Angeles, CA, whose primary activity is to purchase and service retail installment contracts used to finance elective medical procedures from physicians and doctors' offices. These procedures include cosmetic, reconstructive, dental, and eye-related surgeries. NewStar acted as sole lender on the facility.
"Reliance came to NewStar for a structured finance solution to meet the needs of their growing business. We worked closely with their management team to understand the details of their business and developed a structure to help them meet their goals," said Buck Burnaman, managing director and head of structured products at NewStar. "We look forward to working with Reliance as they continue to grow."
Joining Burnaman on the transaction deal team were Robert Clemmens, Thomas Calhoun, Robert Buzdon and Nicholas Edmonds.
About NewStar Financial, Inc.:
NewStar Financial, Inc. was formed in June 2004 by a group of senior banking and capital markets executives from leading financial institutions, including FleetBoston Financial, Citigroup and JP Morgan Chase, and leading institutional investors including Capital Z Partners, JP Morgan Corsair Capital Partners and Och-Ziff Capital Management Group. NewStar is focused exclusively on providing customized financing solutions to mid-sized borrowers in three lending groups: Middle Market Corporate, Commercial Real Estate, and Structured Products. For more information, please contact the appropriate individual below.
Gaffney Bennett Public Relations