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Haversine Funding Announces Recently Closed Transactions

May 25, 2022, 07:56 AM

Haversine Funding announced the following recently closed transactions:

$3,000,000 of a $6,500,000 participation in an asset based line, secured primarily by inventory, to an iron foundry and manufacturer. The company was seeking acquisition financing and working with a bank for an accounts receivable line of credit, but they needed a larger facility using their inventory as collateral to fully execute their plan. The company worked with their bank and an inventory lender to create a combined financing package to better achieve their growth goals. Haversine was able to participate in the inventory component, helping the inventory lender ‘win’ the business and the relationship for this transaction and for future planned acquisition opportunities.

$10,000,000 senior secured, lender finance facility to a transportation factor. The portfolio grew significantly during the last few years, and Haversine was able to help facilitate that growth with a senior line of credit recently increased to $10,000,000, based on an 85% advance rate. Additionally, Haversine also provided a supplemental line that could be used as needed for fluctuations in the portfolio, collections or when gap financing may be needed. The company has continued to expand their team and operations with success, implementing additional KPIs and reporting with help from Haversine’s team and layering in internal auditing processes through their growth.  

$2,000,000 of a $4,000,000 factoring participation for a government procurement distributor, specializing in healthcare and engineering equipment. The company had continued to grow over the past year with more orders in the medical sector and asked their existing factor to increase their line. To help, Haversine was able to absorb the increase through a non-disclosed factoring participation. Using Haversine’s participation program, the company received the funding they needed, and the factor was able to retain the business and the relationship for the future.

$2,000,000 junior capital facility to a real estate bridge lender. This newer lender had an experienced team in place and had started funding short term real estate loans over the past year, but they needed a bank line of credit and subordinated debt to continue taking on new loans and build their platform. Working with Haversine, they were able to set up two bank lines of credit with Haversine providing the junior capital to support the loan portfolio.
$15,000,000 senior secured, lender finance facility to a general factor and asset based lender. This lender has continued to build their portfolio, adding new team members, expanding their product offerings, increasing their clients and referral partners and laying a solid operational foundation for the future. Haversine and the company have partnered together for almost two years thus far to help facilitate their growth, and their line was recently increased to $15,000,000. Their funding structure includes up to an 85% borrowing base line of credit along with a supplemental line to help with gap funding as they continue to build their business.

Haversine Funding provides fast, fair and flexible funding solutions to lenders. Formed in 2018, Haversine Funding help factors, asset-based lenders, inventory, equipment and real estate lenders fill funding gaps by providing participation options, as well as senior and junior lender finance lines.  

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