Haversine Funding recently closed $32 million in transactions, including:
- $3 million of a $6.5 million participation in an asset-based line, secured primarily by inventory, to an iron foundry and manufacturer. The company was seeking acquisition financing and working with a bank for an accounts receivable line of credit, but it needed a larger facility using its inventory as collateral to fully execute its plan. The company worked with its bank and an inventory lender to create a combined financing package to better achieve its growth goals. Haversine participated in the inventory component, helping the inventory lender ‘win’ the business and the relationship for this transaction and for future planned acquisition opportunities.
- A $10 million senior secured lender finance facility to a transportation factor. The company’s portfolio has grown during the last few years, and Haversine was able to help facilitate that growth with a senior line of credit, which was recently increased to $10 million based on an 85% advance rate. Additionally, Haversine also provided a supplemental line that could be used as needed for fluctuations in the portfolio, collections or when gap financing may be needed.
- $2 million of a $4 million factoring participation for a government procurement distributor specializing in healthcare and engineering equipment. The company continued to grow over the past year with more orders in the medical sector and asked its existing factor to increase its line. To help, Haversine was able to absorb the increase through a non-disclosed factoring participation. Using Haversine’s participation program, the company received the funding it needed, and the factor was able to retain the business and the relationship for the future.
- A $2 million junior capital facility to a real estate bridge lender. This newer lender had an experienced team in place and had started funding short-term real estate loans over the past year, but it needed a bank line of credit and subordinated debt to continue taking on new loans and building its platform. Working with Haversine, it set up two bank lines of credit with Haversine, providing the junior capital to support the loan portfolio.
- A $15 million senior secured lender finance facility to a general factor and asset-based lender. This lender has continued to build its portfolio, adding new team members, expanding product offerings, increasing its clients and referral partners and laying a solid operational foundation for the future. Haversine and the company have partnered together for almost two years thus far to help facilitate growth, and its line was recently increased to $15 million. The company’s funding structure includes up to an 85% borrowing base line of credit along with a supplemental line to help with gap funding.
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