CIT Commercial Services, a subsidiary of First Citizens Bank, completed a $75 million factoring facility on behalf of a consumer products wholesaler. CIT worked with the client to arrange the factoring facility to replace an existing asset-based lending facility with another lender. The new factoring facility offers additional liquidity that the client can deploy as needed in maintaining and growing its operations.
“We met with the client to understand their unique requirements and develop an innovative financing package to meet their business needs,” Tom Fingleton, managing director and Northeast regional manager for CIT Commercial Services, said. “We are pleased that the resulting financing gives our client the necessary flexibility to support their future working capital needs.”