TAB Bank Introduces Flex ABL Product
TAB Bank announced the introduction of a new and innovative loan product called Flex ABL. This product combines the flexibility of a factoring line of credit with the structure of an asset-based lending facility.
The Flex ABL product offers an advance rate of up to 90% with the option of using a borrowing base to manage collateral. In addition, reviewed statements are not required for some transactions. The covenant package is light and ledgered facilities have no financial covenants.
The customer is in control of the collection process as no Notice of Assignment is sent to the borrower’s customers. Finally, TAB has the ability to provide the Flex ABL product to businesses from most industries (excluding medical and construction).
“The introduction of Flex ABL demonstrates TAB Bank’s desire to lead the industry with flexible new products. We are committed to developing products that help our customers achieve their goals and solve their funding needs. Combined with our recent announcement of our Credit Services product (which is free to use for our customers), with the introduction of Flex ABL, TAB Bank will continue to be recognized as a leader in the service of our customers,” stated Jan Allen Ackley, chief lending officer at TAB Bank.