Old Hill Partners provided a $10 million senior secured revolving-to-term facility to Funda, an Australian lender focused on providing lines of credit and fully amortizing loans to small-and-medium-sized enterprises.
The facility is secured by a first lien perfected interest in a pool of receivables originated by the borrower.
“We operate in a segment of the lending market that requires specialized knowledge; a segment that is being neglected by large traditional banks due to post-crisis regulatory constraints. The firm’s experience in the asset class and the asset-based lending (ABL) sector in general, allowed us to execute on a transaction that offered a flexible financing solution for the borrower that was not available from traditional lenders,” said Peter Faigl, senior portfolio manager at Old Hill.
Darien, CT-based Old Hill provides asset-based lending solutions for borrowers seeking $5 million to $25 million in financing.