Align Business Finance recently completed $34.3 million in transactions, including a $7.3 million senior secured facility for a Southwest trucking company.
The trucking company sought refinancing after its bank asked it to exit and entered into a forbearance agreement with a short window. A local broker referred the deal to Align Business Finance.
Align Business Finance made an equipment term loan to the trucking company in conjunction with a working capital lender. The total facility was $7.3 million, with a $4.9 million three-year term loan secured by rolling stock and a $2.4 million revolver secured by accounts receivables and inventory (day one).
After the equipment appraisal and field exams were conducted, both parties determined that there were enough funds available to refinance the existing bank debt and close before the bank’s forbearance agreement expired.
In addition to this transaction, Align Business Finance also provided:
- A $17 million capital lease for a heavy construction company in California
- A $7 million capital lease and revolving credit line for a heavy construction company in Maryland
- A $3 million term loan and revolving facility for a construction company based in Alabama