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Haversine Funding Announces Recently Closed Transactions

July 12, 2022, 07:55 AM

Haversine Funding announced the following recently closed transactions:

$3,000,000 of a $6,000,000 participation in an asset based line to a technology-enabled healthcare management company. The company was transitioning into a new value based business model within the healthcare space and needed additional working capital to set up this new billing model. Management was simultaneously raising capital that would fund post-closing from the proposed line. The lender approached Haversine as the line size was higher than their typical hold limit. One of the challenges for the line was not only the medical receivable component but also that the value based advances were tied to future payments and their prior and existing performance results. After working through the various elements of the transaction together, Haversine was able to help, enabling the lender to “win” the deal. And, with the line of credit, the company was able to expand their platform and build out the new division. Since then, they also completed their capital raise which will aid in future growth.
$2,000,000 of a $4,000,000 participation in a commercial real estate transaction.  The borrower was seeking financing to help fund a real estate acquisition in the Northeast, with an ultimate loan to value around 20%. The property was a functional assisted living facility that had been foreclosed on by their bank, who had then agreed to sell the property to the new borrower as an add on to their other locations. This loan was to help buy the property, upgrade the facility, and stabilize operations to increase cash flow. The short term loan would later be refinanced by a HUD facility. Haversine was able to share in the funding to help the lender take on the deal while maintaining their internal concentration limits.
A sample of some of the other under $5 million transactions from the second quarter included:

  • $3,000,000 ABL participation in a lender finance facility to a transportation factor
  • $4,000,000 commercial real estate loan 
  • $3,000,000 inventory loan participation in a commodity manufacturing company
  • $1,000,000 factoring participation in a talent solutions company 
  • $375,000 factoring participation in an electrical systems and building management provider
  • $3,000,000 junior capital lender finance facility to a transportation factor
  • $500,000 factoring participation in a fiber installation and services business 
  • $2,750,000 factoring participation in a healthcare staffing provider

Haversine Funding provides fast, fair and flexible funding solutions to lenders with facilities up to $25 million.

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