Blog
August 24, 2022

The Haversine Difference: A True Business Partner

Did you know that Haversine Funding recently launched an origination platform? What could this mean for you and your business?

Did you know that Haversine Funding recently launched an origination platform? What could this mean for you?

First, keep in mind that we only finance lenders. We do not compete with the factors and lenders we work with every day. Our goal is to help our lenders and factors succeed and grow. One way we do this now is to help source deal opportunities, referring out these potential relationships to our group of lenders and factors. Think of Haversine as a true business partner – not just a financing partner.

Yes, we provide lender finance facilities and participation programs.

Yes, we offer consulting and other advisory services to factors and lenders.

Yes, now we add even more value to our factors and lenders by sourcing and referring deals.  

Recently, we were able to help one of our lending partners do just that. Here’s how:

The Opportunity: A staffing company with $30 million in annual sales (and working with another factoring company) had sold a portion of its business before the pandemic, and that agreement included a deferred purchase “true up” period tied to revenue. The revenue requirement was not met as a result of deteriorated sales during the pandemic, triggering a rebate on the original purchase price and requiring a large payment to be made immediately. After much negotiation, ultimately, the staffing company lost and a judgment was filed, impacting their existing factoring group’s ability to continue the relationship. The staffing company was asked to find a new financing partner within a very tight window of only two weeks. (Thankfully, the staffing company reached out to Haversine to help!)

The Solution: This is where the story turns from a seemingly dire situation to a huge win! The staffing company was able to work out a payment plan with their creditor, and the owner of the staffing firm also came up with a large portion of the down payment owed. Additionally, there was more than enough collateral to pay off the existing bank factor, make the payment on the judgment and meet the company’s payroll and operating needs. Haversine’s team worked diligently with the company to identify a factoring group within the Haversine partner platform, who understood the industry and could quickly gain comfort with the deal and all the situation entailed, and fund fast – before their next payroll!

The Win: With our help, the staffing company quickly found a new financing partner who could provide a $6,000,000 factoring line at an aggressive rate in line or less than their prior rate and fund within the two-week requirement. It was a win for all parties involved! The staffing company’s financing issue was resolved. Haversine’s factoring partner gained a new client relationship to grow their portfolio even more, and we were able to help both the staffing company and a lending partner.

We absolutely love being part of a solution and part of these stories!  

A Word from The Client
“Much gratitude to you for all your expertise and guidance. Now that we have an excellent financing partner, we can focus on growing our business.” – CFO, Staffing Company

A Word from The Lender
“It’s always a pleasure collaborating with the Haversine team. When Gen reached out to refer her client, I could tell the client was important to her and she trusted the Alterna team to bring a competitive rate and work on a fast timetable. Within two weeks, we assessed the client’s business assets, structured a deal and issued funds.” – Greg Carpenter, EVP, Managing Partner, Alterna Capital Solutions

For more information on this new program, reach out to Nolan Reichert, Business Development Manager, or one of our team members.

We are here to help you succeed and grow your business.