MidCap Business Credit completed a $4.75 million asset-based revolving line of credit to Southern Exchange, L.P., D/B/A, Texsport, a wholesaler of camping and outdoor recreational products  headquartered in Houston, TX.  The revolver is supported with advances against the company’s accounts receivable and inventory.  The opportunity was sourced out of MidCap’s office in Houston. 

In addition to refinancing the previous lender, the proceeds will be used to support working capital requirements.  MidCap Business Credit was chosen to provide the financing because of its flexibility to support the company through its anticipated growth as well as its speed to close the credit facility.

MidCap Business Credit provides asset based credit facilities to small- and middle-market businesses nationwide, who have borrowing requirements from $1 million to $10 million.