FlexShopper credit agreement commitment increased to $110 million

By Wendy Van Sickle

Columbus, Ohio, Oct. 27 – FlexShopper, Inc. amended its credit agreement with WE 2014-1, LLC, an affiliate of Waterfall Asset Management, LLC, as administrative agent on Oct. 21 to increase the commitment size to $110 million, according to an 8-K filing with the Securities and Exchange Commission.

Prior to the amendment, the commitment amount was $57.5 million.

The borrower, which is a wholly owned subsidiary of FlexShopper, is permitted to borrow funds under the credit agreement based on the FlexShopper’s cash on hand and the amortized order value of its eligible leases and loans.

The interest benchmark was also switched to SOFR from Libor.

Based in Boca Raton, Fla., FelxShopper is an online lease-to-own marketplace.

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