Versant Funding provided a $1.4 million non-recourse factoring facility to a manufacturer supplying equipment to global auto companies.
The financing is designed to address cash flow constraints caused by slow-paying receivables, enabling the company to take on additional business. The facility is structured to scale with accounts receivable balances, providing ongoing access to capital.
“In evaluating a funding opportunity, Versant focuses exclusively on the quality of our client’s accounts receivable” Chris Lehnes, business development officer for Versant Funding, and originator of this transaction, said. “Since this company’s customers are among the strongest on the planet, our facility will essentially have no cap and will grow automatically as the company’s AR balances increase, providing our client the cash needed to expand.”
