Sallyport Commercial Finance arranged a $2 million accounts receivable facility for an established company that provides high quality, aftermarket replacement parts to a variety of heavy equipment units.
The company was in the process of transitioning from a large ABL lender by slowly winding down the facility. The company received a nasty surprise when a large customer payment was received, and the lender unexpectedly accelerated the indebtedness. This prevented the company from having funds for wages and day-to-day expenses.
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The company asked if Sallyport would step in to replace the working capital line. Despite the complexity of the transaction, Sallyport was able to pull it together in a very short time frame to cover the company’s wages.
“Relationship is everything, and our team. working in lockstep with the client, got the deal done in just over a week. I am proud of what we were able to achieve on this one, averting undue hardship for the client and their employees. Unfortunately, the world throws us a few nasty surprises from time to time but thankfully, Sallyport was there to help!” said Sallyport President Nick Hart.
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Sallyport’s quick response gave the client time and peace of mind to focus on the implementation of their new strategic partner strategy and to ensure their long-term success and growth.
