NWP Services Corp., an Irvine, Calif.-based provider of financial transaction processing solutions to the multi-family housing market, has raised $11.5 million in venture debt financing. ORIX Venture Finance committed $7.5 million in term loans, and Comerica Bank provided a $4 million credit facility. NWP previously raised VC funding from firms like Crosslink Capital, Endeavor Capital, FBR Private Equity, Kline Hawkes, Landmark Partners and Sycamore Ventures.
NWP Services Corporation (NWP), the leading provider of proven financial transaction processing solutions for the multifamily housing industry, today announced that it has entered into a four year, $7.5 million financing term loan commitment with ORIX Venture Finance (ORIX) and a $4.0 million line of credit facility commitment with Comerica Bank.
“We selected ORIX and Comerica as a result of their innovative financing solutions, global experience and demonstrated success in helping partner firms capitalize on new development and expansion opportunities,” stated Michael Radice, president and CEO of NWP.
With the ORIX and Comerica financing, NWP has secured new strategic lenders that will enable the company to reduce costs through preferred rates, strengthen its overall financial position and gain access to significant additional resources as the company prepares for future growth and acquisitions.
Brian Weber, Principal of ORIX, remarked, “ORIX is prepared to commit significant capital to strong companies with experienced management teams. We have been impressed by the efficiencies that NWP has created for its customers in the current market, and are delighted to support the Company's continued growth.”
About NWP Services Corporation:
Headquartered in Irvine, Calif., NWP Services Corporation (NWP) serves the multi-housing industry as the leading provider of resident billing solutions, including convergent billing and payment services for rent, utilities and other charges from the resident's monthly ledger; utility cost management solutions including utility cost recovery, utility data management, and conservation and irrigation control services. NWP's offerings are available for use as individual services or as a fully integrated solution and are designed to accelerate the financial performance of our customers, allowing them to recover and reduce operating costs, create operational efficiencies, improve property NOI and boost resident satisfaction. NWP also provides the regulatory expertise, technology infrastructure and high quality training and support services which property owners and managers can rely upon to stay competitive and thrive in an ever-changing market. Additional information is available at www.nwpsc.com.
About ORIX Venture Finance:
ORIX Venture Finance provides enterprise financing to mid- and late-stage venture capital-backed companies via acquisition financing, expansion capital, working capital term loans and credit lines, and equity co-investments. The Venture Finance team, staffed with highly seasoned venture lending professionals, meets the challenges facing growth companies by structuring flexible financing packages that meet your unique needs. We are a stable and reliable partner dedicated to supporting the growth and success of professionally backed companies with a range of debt products. For more information, visit www.orixventurefinance.com.
About Comerica Bank:
Comerica Incorporated is a financial services company headquartered in Dallas, Texas, and strategically aligned by three business segments: The Business Bank, The Retail Bank, and Wealth & Institutional Management. Comerica focuses on relationships, and helping people and businesses be successful. In addition to Texas, Comerica Bank locations can be found in Arizona, California, Florida and Michigan, with select businesses operating in several other states, as well as in Canada, China and Mexico. Comerica reported total assets of $67 billion at March 31, 2008. To receive e-mail alerts of breaking Comerica news, go to http://www.comerica.com/newsalerts