Commercial Funding, a provider of invoice factoring and AR financing, completed its first asset-based lending transaction at $3.5 million for a transportation company.
The $3.5 million asset-based line of credit will support a Northwest-based transportation company and two of its subsidiaries to operate a more than 120 truck fleet, streamline operations and simplify bookkeeping.
“The CFI team was able to identify and understand the complexities of the client’s needs. Within four weeks we were able to gather all the information and documentation, conduct a thorough collateral exam, obtain multiple subordinations and underwrite, document and fund this high quality ABL transaction. The relationship will be a strategic fit for both parties for years to come, and will help the client continue to grow their business,” James Baugh, senior vice president at Commercial Funding, said.