Seniors thrive as Wells Fargo helps specialty finance company grow

Seniors thrive as Wells Fargo helps specialty finance company grow


[Music] [Russell Ragland] Today’s senior expects that they’ll
receive good quality of care from a clinical point of view, but they also are looking for
quality of life. [David Moore] Companies in the senior housing care
business are doing things very differently – it’s not what it used to be twenty, thirty,
forty years ago. Today’s skilled nursing home operators – they provide a multitude
of services – not just daily entertainment and care and food, but also rehabilitation and transportation
and entertainment. [Ragland] MidCap is a strong and effective
partner for Consulate. Their partnership has provided liquidity to the company, and more
importantly, it’s allowed us to make the kinds of investments in our physical plants,
so that the patient experience is more homelike, and importantly, to make the investments in
information technology that will make us more competitive in the future. Moore: The healthcare marketing is dramatically
changing, and companies that serve that market like Consulate – they have to keep up with
those changes. They have to invest in technology, they have to invest in new facilities, they
have to grow beyond the markets where they currently do business. Our goal at MidCap
is to be able to be there for them, and to grow with them, and support that growth as
they expand their horizons. [Music] [Andrea Petro] When David came to us in 2008, the
financial markets were really struggling. Capital markets were shut. We really believed
that they had a business that would prosper and succeed, and so we stepped up, and provided
MidCap their first line of credit. Moore: Wells Fargo gave us the credit to start
our business. Over the past eight years, they’ve given us additional credit, to help us grow
along with our customer base. They’ve been a terrific partner, and we’re happy to be
associated with them. Petro: We’ve watched MidCap grow over the
years, not only in terms of a varied health care financial services company, but also
traditional asset-based lending. One of the things that’s important is that currently
MidCap lends to thousands of small and medium sized businesses. Wells Fargo is providing
capital for MidCap to distribute to all of those businesses. It means employment, it
means adding to the economic growth of the country. [Moore] Wells Fargo has a particular expertise
in lending money to finance companies. They understand what finance companies do, and
how to finance us as a lender to middle market companies. There aren’t many banks who know
how to do it, and Wells Fargo is as good as it gets. [Music] [End]

Leave a Reply

Your email address will not be published. Required fields are marked *