Austin Financial Services (AFS) closed a $3 million asset-based lending facility (ABL) to a leading manufacturer of sheet metal components serving the railroad and automotive sectors.
The financing solution was comprised of an accounts receivable and inventory revolver, as well as an equipment term loan.
The company was facing challenges meeting the stringent covenants set in place by its prior bank lender during the post-Covid recovery period. Austin Financial Services was able to offer a more flexible structure along with additional working capital to invest in automation and training to better position the company to seize future growth opportunities.
“AFS was pleased to partner with a trusted real estate lender to deliver a complete refinancing solution to our client,” Jason Anish, president & CEO of Austin Financial Services, said. “Our team worked diligently with all parties to negotiate and finalize the third-party agreements essential to closing this deal.”
