Marco Financial closed an $11.5 million asset-based lending/purchase order financing deal with MV Communications Group, an international electronics and accessories distributor based in Doral, FL. MV has clients throughout the U.S. and Latin America and needed capital for continued growth. The credit line Marco provided is forecasted to expand quickly based on the business foreseen in the short term.
“In our search for lenders, we were looking for a company we could respect and be honest with regarding the future of MV Communications. Marco showed us that they have a high conviction and a strong belief in our company’s future success,” Carlos Gonzalez Veas, president of MV Communications Group, said. “They showed us that they could provide the company with the flexibility and financial support needed to continue expanding the business. It has been an incredible opportunity to work with Marco. Their team has been fast and knowledgeable in all due diligence needed to make this partnership happen.”
“A purchase order finance facility with its own separate line keeps the ABL availability maximized and allows our client to fulfill customer orders without reducing its other borrowing capabilities,” Fred Leder, chief credit officer and vice president of operations for Marco Financial, said. “We look forward to serving the needs of MV and being a valued partner supporting their current growth and future needs.”
“We appreciate the opportunity to work with MV Communications Group. When their bank became unresponsive to their needs and would no longer support their growth, MV sought a lender that could provide the additional working capital needed to continue to fuel the company’s success,” Barry Kastner, executive vice president of Marco Financial.