2/6/13 Taneum Creek Capital, LLC. Formed to Make Outdoor, Tower, Cable and Radio Loans
Dave Westburg, John Weller and Jim Penney have formed Taneum Creek Capital, LLC. to raise up to $10 million of equity to make loans to small outdoor, tower, cable and radio companies. The LLC will use funds from accredited investors and banks to make loans of up to $2 million to small media companies. "We like outdoor, tower, cable and radio loans," said founder Dave Westburg. "There are barriers to entry in the form of regulatory licenses or permits. Tower and outdoor loans have low technology risk. Cable is a non-cyclical business. Banks shy away from lending to these sectors because there are few tangible assets. We have a 5 year track record lending to these sectors and have underwriting standards that have successfully weather 9/11 and the great recession." Taneum Creek Capital, LLC. will have a ten year life. The company pays quarterly dividends equal to 75% of net income to investors. The LLC is seeking equity investments of $50,000 and more from accredited investors. Interested parties should contact Dave Westburg.
5/1/10 WP Outdoor LLC Closes Line of Credit with First Security Bank
WP Outdoor closed a $1 million line of credit with First Security Bank today. The line will fund new loans to outdoor advertising companies. "The credit crunch continues to make it difficult for small outdoor advertising companies to find financing," says WP partner Dave Westburg. "We have also seen several outdoor industry lenders curtail their activities due to their own funding constrants. The First Security Line will enable us to continue to profitably grow our outdoor loan portfolio."
12/1/09 WP Outdoor, LLC Formed to Target Outdoor Advertising Loans
Dave Westburg, John Weller and Jim Penney formed WP Outdoor, LLC ("WP Outdoor") to make loans to small outdoor advertising companies and the company closed its first loan in December 2009. WP Outdoor will use funds raised from accredited investors and bank loans to make senior secured loans of $100,000 to $2.5 million to small 8-sheet and bulletin companies in the US outdoor advertising industry. "We formed WP Outdoor to address funding needs caused by the tightening of bank lending," said WP Outdoor partner Dave Westburg. "Bank business lending has shrunk by one-eighth during the past twelve months, and commercial loan standards are at an all-time high. This makes it hard for small outdoor advertising companies to borrow because they have few tangible assets and do not look like a typical commercial loan client. We have been active outdoor lenders for 14 years and like the prospects of the industry." Potential borrowers or equity investors can contact Dave Westburg, WP Outdoor, 206-910-1283.
11/1/09 WP Media Lending Renews Line of Credit
WP Media Lending renewed its line of credit with Foundation Bank, Commerce Bank, Columbia Bank and First Security Bank. The line was decreased from $6.25 million to $5.5 million at the request of WP Media Lending. "We wished to reduce our line in order to keep leverage at a prudent level that reflects the weak econonmy," said WP Media Lending partner John Weller. "We appreciate the vote of confidence that our banks have shown us by renewing the line in the midst of a credit crunch."
11/1/08 John Weller Joins WP Media Lending
John Weller joined Dave Westburg and Jim Penney as a partner in WP Media Lending on November 1, 2008. Weller and Westburg previously worked together for 12 years as co-founders and executives at Westburg Media Capital, a media finance company. After the sale of Westburg Media Capital to Wells Fargo Foothill in 2004, Weller served as Senior Vice President of the media group at Wells Fargo Foothill. As a partner in WP Media Lending, Weller will manage accounting and banking relationships and assist with new loan underwriting. Dave Westburg will continue to underwrite new loans and Jim Penney will handle legal work. All three WP Media Lending partners will sit on the loan committee.
9/1/08 WP Media Lending Renews Line of Credit
WP Media Lending renewed and extended its $6.25 million line of credit with Foundation Bank, Columbia Bank and First Security Bank. "I am pleased by the confidence the banks showed by renewing our line on more favorable terms in the middle of a tight credit market," said WP Media Lending partner Dave Westburg.
9/1/07 Increased Credit Line to Fund New Loans and Investments
WP Media Lending increased its bank line of credit from $4.5 million to $6.5 million. The line of credit was provided by Foundation Bank, Commerce Bank of Washington, First Security Bank and Columbia Bank. The increase will be used to fund new loans and investments.
6/27/06 Bank Credit Line Increase
WP Media Lending increased its credit line from $2.5 million to $4.5 million. The credit line, which will fund additional loans, was provided by Foundation Bank, Commerce Bank of Washington and First Security Bank.
5/30/06 New Debt Commitment
WP Media Lending increased its banking facilities from $2 million to $2.5 million with additional funds from Sterling Bank. The financing supplements an existing credit facility with Foundation Bank. The new financing will fund additional loans to small media companies.
3/14/06 Foundation Bank Grants Credit
WP Media Lending extended and increased its line of credit with Foundation Bank of Washington. "I am pleased with the commitment Foundation Bank has shown to support our growth," said WP Media Lending Partner Dave Westburg. Foundation Bank (www.Foundationbank.com) has served as WP Media Lending's bank since the company's September 2005 inception.
1/14/06 New Equity Commitments Secured
WP Media Lending secured $3 million in new equity commitments. According to WP Media Lending Partner Dave Westburg, "The equity, together with existing bank line and loan participation facilities, will enable us to fund an additional $20 million in loans for media and publishing companies."
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