Wintrust Receivables Finance closed a $4 million line of credit for a third-party logistics company. Wintrust provided the new line of credit at a materially lower cost of capital than the company’s previous lender with an advance rate on the accounts receivable collateral and a no covenant structure.
The client primarily brokers dry van truckload freight across the continental United States and works with enterprise shippers. Prior to closing the line of credit with Wintrust, the firm was locked into a high cost of capital factoring relationship and did not believe the incumbent lender would be able to scale with its growth plans.
“Over the years, our team has developed a reputation for supporting a number of high growth companies in the transportation and logistics space,” Jason LeuVoy, senior vice president of Wintrust Receivables Finance, said. “We believe this client’s management team has what it takes to bring the company to the next level, and we are ready to support them and provide them with the working capital they need to execute their long-term growth plans.”
