Siena Lending Group LLC, an asset-based lending company, announced an increase in its senior credit facility with Wells Fargo Bank, N.A. to $312.5 million.

Earlier this year, Siena announced their acquisition by Business Development Corporation of America, an affiliate of Benefit Street Partners. This was followed by the launch of Siena Healthcare Finance in September. The increase in the facility size will enable Siena to meet its business objectives and to continue scaling its portfolio of asset-based loans.

“This is an exciting time for us,” said David Grende, President & CEO of Siena.  “Since starting Siena in 2013, we’ve underwritten more than 150 transactions totaling over $1.3 billion in total credit facilities. The additional funding from Wells will allow us to continue our growth trajectory as we remain committed to crafting flexible financing solutions for our clients and delivering on our promises to help middle-market businesses.”

“Wells Fargo is excited to provide Siena with the financial flexibility and industry expertise needed to support their strategic initiative in the healthcare industry,” said David Koshenina, Head of Lender Finance at Wells Fargo. “We look forward to being part of their continued success and helping them achieve their long-term strategy.”