Versant Funding has funded a $2 million non-recourse factoring facility to a manufacturer and distributor which serves major commercial airlines.
The business needed additional working capital to fund its expansion and its senior lender agreed to subordinate its lien on accounts receivables due from only a single customer to allow the business to raise cash.
“Versant was able to help this company by factoring the accounts receivable due from just one foreign airline to provide the company the liquidity it needs,” said Chris Lehnes, business development officer for Versant Funding and originator of this financing opportunity.
“Our willingness to offer factoring facilities where there is a single debtor (100% customer concentration) sets us apart from most other factoring companies and made us the perfect fit for this growing business,”
