MidCap Business Credit completed a $23.7 million asset-based credit facility for a manufacturing company in Cleveland. The facility is comprised of an $18 million revolving line of credit and a $5.7 million real estate term loan.
The business, established in 1970, operates primarily in the metal stamping, metal fabricating and tool and dye industries. The company’s customers include automotive manufacturers, electric vehicle manufacturers and Tier 1 automotive suppliers, as well as other industrial applications.
The opportunity was sourced out of MidCap’s regional office in Baltimore.
“We were able to provide a flexible asset-based line of credit,” Bruce Pavesich, senior vice president of MidCap Business Credit, said. “Our new loan will be utilized to support the company’s growth trajectory and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
