Haversine Funding recently closed $6.5 million in transactions.
The first transaction was a $500,000 lender finance facility to help launch a new factoring company.
The owner has been in the factoring, receivables financing and asset-based lending space for more than 25 years and wanted to start their own factoring platform, focused on transactions up to $1 million.
Haversine Funding structured a lender finance line providing initial funding capability of up to $500,000, with room to grow moving forward. The overall transaction included an option for future growth capital, the ability to work on larger deals through participations when needed and the relationships of Haversine Funding to bring in a more traditional bank lenders to reduce cost of funds over time as the company grows.
The second transaction was $5 million of a $15 million inventory loan participation to finance an e-commerce sales distributor.
The company had been with an asset-based lender for several years and is expecting increased sales in 2021. The lender sought a participant to help with an inventory line increase for the company’s growth. Haversine Funding approved the increase so the lender could respond to the customer and fund even more.
The third transaction was a $1 million subordinated debt facility to support the growth of a factoring company focused on accounts receivable factoring transactions to companies in the staffing, janitorial and construction industries. The additional capital will help this specialty finance company continue to build its funding platform and grow its business. In addition, the additional capital will allow for additional line increases with the company’s traditional bank lender.
