Castlelake, L.P. ("Castlelake"), a global alternative investment manager specializing in asset-based private credit, today announced that it reached an agreement to provide financing, through its funds and entities, to Cherry Technologies Inc., a payment solutions company that enables medical practices to offer treatment financing plans to their patients. The agreement will enable Cherry to finance new installment loan originations as its network of medical practice partners expands.
Since 2015, Castlelake has completed over $4 billion of specialty finance investments in consumer credit across the risk spectrum, commercial credit such as small business credit and equipment finance and leasing, and other asset-backed/esoteric asset opportunities. Recent activity includes a whole loan flow sale agreement with Oportun to fund ongoing originations, and a purchase agreement for up to $4 billion of consumer installment loans originated by Upstart.