MidCap Business Credit completed an $8 million asset-based credit facility for a manufacturer of premium custom plank hardwood flooring located in central Pennsylvania. The credit facility was comprised of a revolving line of credit, an equipment term loan and a real estate term loan. The facility will be used to support the company’s working capital needs and refinance the existing debt.
The opportunity was sourced out of MidCap’s regional office in Baltimore, MD.
“We were able to provide a flexible asset-based line of credit,” Bruce Pavesich, senior vice president of MidCap Business Credit, said. “Our new loan will be utilized to support the company’s growth plan and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”
