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Veritas Financial Partners, Brookridge Funding Provide $14MM to N.J. Importer

July 17, 2019, 08:55 AM
Filed Under: Importer

Veritas Financial Partners (Veritas), a leading specialty finance company, announced the closing of an accounts receivable and purchase order finance facility in partnership with Brookridge Funding (Brookridge), a provider of purchase order finance solutions in the United States and Canada.

The facility will provide additional liquidity to a New Jersey-based importer (the “Company”) of sporting goods.   The Company recently learned that a large national retailer had significantly increased its planned holiday orders. Brookridge and Veritas were able to quickly underwrite the Company, negotiate an intercreditor agreement with the existing ABL lender and fund the transaction, thereby assuring the product was delivered on time to execute on the expanded retailer relationship.

“Veritas is honored to participate with Brookridge Funding on this transaction to help their client meet increased customer demand,” said Tony Liobis, Vice Chairman and Chief Credit Officer, Veritas Financial Partners.  “Our focus is on delivering an ability to scale for our lending partners and maximum proceeds for their growing clients.”

Veritas participates with lead lenders including P.O. finance companies, factors, asset-based lenders and other complementary capital providers.  In addition, through its Lender Finance platform, Veritas provides senior revolving credit facilities to commercial and consumer finance companies for working capital and portfolio expansion.

“To succeed in today’s global marketplace, importers must have access to flexible capital and experienced lenders.  We’re pleased to work with Veritas on this transaction,” said Michael Hilton, Co-President of Brookridge Funding.  “We value their responsiveness and ability to work closely with us under extremely tight timeframes to get to closing.”

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