Specialty finance company Veritas Financial Partners closed a trade finance facility in partnership with Brookridge Funding, a provider of purchase order finance solutions in the U.S. and Canada.
The facility will provide additional liquidity to a New Jersey-based importer of recreational equipment. The company had an existing relationship with an asset-based lender but the credit facility was fully utilized and not large enough to support its seasonal growth. With $30 million in open, unfilled orders, the importer needed incremental funding or risked losing its orders. Brookridge and Veritas were able to quickly underwrite the company, negotiate an inter-creditor agreement with the existing ABL lender and fund the transaction, thereby assuring the product was delivered on time to customers.
“Veritas is honored to participate with Brookridge Funding on this transaction to help their client meet increased customer demand,” said Tony Liobis, vice chairman and chief credit officer, Veritas. “Our focus is on delivering an ability to scale for our lending partners and maximum proceeds for their growing clients.”
“To succeed in today’s global marketplace, importers must have access to flexible capital and experienced lenders. We’re pleased to work with Veritas on this transaction,” said Michael Hilton, co-president of Brookridge Funding. “We value their responsiveness and ability to work closely with us under extremely tight timeframes to get to closing.”
