FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
Skip Navigation LinksHome / News / Read News


Lighthouse Financial Provides $2.8MM to Manufacturer of Hair Care Products

January 17, 2017, 07:00 AM
Filed Under: Consumer Products

Lighthouse Financial Corp. announced that it has provided a $2,500,000 revolving line of credit and a $321,000 term loan to a New Jersey based manufacturer of hair care products.  Founded over 30 years ago, the company has been dedicated to serving their customers and providing the highest quality hair color, hair lighteners and related reactive hair care products.  With over 50 years in R&D experience, the company's turnkey service enables customers to take advantage of their full service formulation capabilities.   
The credit facility was  designed to refinance an existing line of credit and term loan with another commercial finance provider.  Lighthouse was able to combine the collateral base of the company with that of an affiliated company to structure an aggressive facility on accounts receivable, inventory, and machinery and equipment that paid out the existing lender completely and provided significant additional working capital.
 "After our commercial finance lender was acquired by a larger firm, we were no longer a fit.  However, our backlog was growing, and we needed additional working capital to fill orders," said Bill Covey, Jr., CEO.  "Lighthouse took an extremely proactive approach to our deal and even added the collateral from an affiliated company to our borrowing base.  This dramatically improved our cash position and allowed us to get back to work."

Week's News

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.