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North Mill Capital Announces Five Recent Transactions

March 02, 2015, 09:04 AM

North Mill Capital announced it has closed five recent transactions totaling $29.5 million. They are:

A $12 million asset-based line of credit  to a retail display manufacturer: A Illinois display manufacturer, to big box retailers, was asked by their current lender to seek a new financing source. The introduction came by way of a non-lending banker that knew of the company and their situation. North Mill Capital contacted the company and the lender to determine the need. North Mill Capital was able to pay out the lender in full and provide the company with an asset-based line of $12 million, which included additional working capital and room to grow. The company has since requested an increase of the total credit facility.    

A $5 million credit facility to a rebar fabricator: A rebar fabricator in New Jersey was in the asset recovery department of a national bank because of prior years' losses. The company needed a $5 million credit facility supported by accounts receivable and inventory to pay out the bank in full and provide additional working capital to purchase inventory for a large back-order position. The company wanted to start with a lower credit facility cap and grow into a larger line. To accomplish this we provided them with our Accordion Facility.        

A $1.75 million credit facility to a value added reseller of computers and components:   $1.75 million accounts receivable and inventory credit facility to a value added reseller of new and refurbished computers and components to educational institutions located in Minnesota.  When a group of industry veterans were reentering the market as resellers of new and refurbished computers and they needed working capital for growth, their lender referred them to North Mill. North Mill Capital was able to provide a large enough facility to accommodate their rapid growth despite the fact that they were a start-up.                                

A $750,000 working capital facility to a window and door distributor: A Milwaukee area window and door distributor was experiencing high growth in the commercial construction and unable to obtain traditional bank financing due to past performance. North Mill Capital provided an invoice based working capital facility that allows the company to meet its customers' needs and finance their rapid growth.      

A $10 million credit facility to an IT staffing company: Patience pays off. At the end of 2013, NMC was in documentation on a $10 million credit facility for an IT staffing company in New Jersey. The company decided to close the loan with a large national bank to take advantage of a lower cost of funds. Ten months later the bank started restricting availability in their borrowing base due to erratic earnings and inability to meet their projections. The company returned to NMC with a need to close within 30 days. We provided the company with an accounts receivable facility which included loan advances on unbilled receivables.       
North Mill Capital is an asset-based lending and factoring company with full service offices in Princeton, New Jersey and Minneapolis, Minnesota.  North Mill clients have loan needs from as low as $100,000 to $20 million and are located in the United States. 

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