White Oak Commercial Finance provided a $15 million factoring facility to a supplier of parts for the automotive aftermarket.
The transaction was structured against the company’s accounts receivable, and the company will use the proceeds to support growth and working capital requirements.
“White Oak is proud to deliver a custom solution to a company that supports such an important sector of our economy,” David Montiel, managing director of underwriting at White Oak Commercial Finance, said. “Our in-depth knowledge of the auto industry and scalable suite of products will help the supplier meet growing market demand.”
“Our hands-on approach allowed us to understand the company’s short- and long-term working capital needs, and we were able to construct a flexible facility that will help the business achieve its growth objectives,” Martin Efron, executive vice president of White Oak, said.
