Transportation factor speeds in to new opportunities with help from Haversine Funding
Haversine Funding was able to underwrite, approve and fund a $2,000,000 revolving loan subordinated to the factoring company’s bank lender.
Last year was a challenging year for many, yet some businesses in certain sectors, such as transportation, PPE and healthcare experienced booming growth. Haversine works diligently to provide finance companies with additional working capital to support their growth. Here is one story of how we helped a client fill funding gaps and continue to grow their business.
The Haversine Approach
“We are very excited to gain Haversine Funding as a partner...for the additional capital to support our continued growth as well as their expertise and industry relationships.” - CEO, Privately owned factoring company and asset based lender
Financing & Business Issues
In 2020, our client, a Texas-based factoring company, experienced significant growth in the transportation side of their businesses. To continue supporting that growth, maintaining financial covenants and gearing up for future deals in their pipeline, the client needed to raise additional capital behind their bank line of credit.
Haversine Funding was able to underwrite, approve and fund a $2,000,000 revolving loan subordinated to the factoring company’s bank lender. This helped with their increasing volume across their portfolio. Our team, the factor and their bank quickly worked together through the details to facilitate a fast closing. The revolving component of the subordinated debt line was established to help the factor manage their cash needs and overall cost of funds.
Our quick work and fast closing enabled our client to meet financial covenants while continuing to expand their business as a factor and an asset based lender.
“We are very excited to gain Haversine Funding as a partner...for the additional capital to support our continued growth as well as their expertise and industry relationships.”