Iron Horse Credit closed a $6.5 million stand-alone inventory revolving line of credit for an iron foundry and manufacturer.
After separating from its parent company, the company’s new owner approached Iron Horse Credit seeking a revolving line of credit backed by inventory. Iron Horse Credit, together with an accounts receivable partner, paid the foundry’s incumbent bank and offered the company additional working capital.
“Very excited to bring on such strong borrower to our portfolio. We look forward to working alongside the company and its management team as they continue to seek strategic acquisitions to expand its footprint,” Kristen Palmer, business development officer at Iron Horse Credit, said. “This will be a long-term relationship we are excited to develop.”
