Nectar will provide net cash flow advances to short-term rental operators
LAGUNA BEACH, Calif., Sept. 5, 2022 /PRNewswire-PRWeb/ -- Coromandel Capital announced a new transaction this week at an industry gathering of financial services and investment executives, Dealmakers by Fintech Nexus.
With this deal, Coromandel Capital will provide Nectar a $25M senior secured credit facility with an accordion up to $50M. Nectar will use this capital to provide short-term rental operators advances on their future net cash flows to finance renovations, remodels, and down payments to acquire additional properties.
"Coromandel Capital is thrilled to work with Nectar. We believe Nectar is providing a much-needed service to owners and operators in the short-term rental market," said Luke Powell, Co-Founder and Managing Partner at Coromandel Capital.
"Nectar is committed to building a better solution for short-term rental entrepreneurs who are ready to scale. This deal with Coromandel Capital will help us fund more of those entrepreneurs in our pipeline, and we are excited to work with a team that so fully understands our vision," said Derrick Barker, Co-Founder and CEO at Nectar.
About Coromandel Capital
Founded in 2019, Coromandel provides flexible, non-dilutive growth capital via secured loans to FinTech and specialty finance companies that may be too early or otherwise do not conform to the credit boxes of traditional financial intermediaries, many of which were incubated in the FinTech Nexus ecosystem. Coromandel's facilities total more than $300M to leading venture-backed companies, such as Nectar, as well as non-sponsored companies. A true partner and not a passive check, Coromandel is a lifecycle lender that permits its clients to earn better terms over time while providing operational advisory and outsourced capital markets, allowing management to focus on its business while helping it establish a track record prior to bringing in a low cost senior lender. For more information about Coromandel Capital visit https://coromandelcapital.co.
About Nectar
Nectar is the first-ever platform to provide alternative cash flow financing to real estate entrepreneurs. Through Nectar, accredited investors have the unique opportunity to own the cash flows of top-performing short-term rental operators. These experienced real estate operators can secure fast and flexible funding without the restrictions of additional debt or the dilution of an equity investor. With Nectar financing, operators are then able to scale their rental portfolios — without giving up equity. Find more information at https://www.usenectar.com/
About Fintech Nexus
Fintech Nexus (formerly Lendit Fintech) is a diversified media company providing essential knowledge, connections, and inspiration to the entire financial services industry, creating a link between traditional finance and the future of finance. Each year, Fintech Nexus reaches more than 70,000 unique banking, fintech, and investment executives through our diverse portfolio of News, Events, Podcasts, Webinars, Whitepapers, Newsletters, and our credentialed education courses. Learn more at https://www.fintechnexus.com
Media Contact
Caroline Hornby, Fintech Nexus, 1 7323141208, [email protected]
SOURCE Coromandel Capital
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