Client: Founded in 1993 and headquartered in Norco, California, the Company is a contract fabricator and installer of custom high-end architectural woodworking and millwork for commercial building projects in California, Nevada, and Hawaii. Commonly selling to general contractors, their end customers include hospitality and resort venues, schools and universities, country clubs, retirement communities, and other special projects.
Situation: The Company’s bank made the strategic decision to reduce its exposure in the construction industry. This decision put the Company in a tight time frame to find a new lender with a willingness to lend to a construction company and who understood the nuances of lending against progress billing and “pay when paid” accounts receivable. A referral source recommended them to nFusion Senior Vice President Curtis Powell, who is a construction financing expert.
Solution: $1.5M ABL Line
Result: nFusion was able to rapidly structure and fund an asset based facility to meet the needs of the Company due to their deep construction industry expertise. The financing provided peace of mind and allowed the owners to take on more projects right away, knowing they had access to steady cash flow. Also, with the surety of having financing in place, they were able to negotiate better payment terms and discounts with suppliers, boosting their profitability.
