Haversine Helps Factoring Company Launch and Grow

The Situation

We get it. Traditional bank senior lines of credit or lender finance facilities may not “yet” be an option for your commercial finance company. That’s where we can help.  While you’re starting and growing your factoring or asset-based lending (ABL) business, Haversine can step in to provide growth capital, either through participations, senior lines of credit or subordinated debt. Here’s how we helped one privately owned factor and asset-based lender with $4,000,000 senior line plus a $750,000 supplemental loan.

The Haversine Approach

“The support of Haversine Funding is fundamental to our success.   The ability to expand our offering to more clients is a direct result of the Haversine team’s willingness to truly understand our business model and chief aim.  The level of expertise and experience within the Haversine team contributes directly to the accelerated achievement of our goals and vision.”

- CEO, Privately-owned factor and asset based lender

Financing & Business Issues

Financing Amount:

$4,750,000

Business Issue:

In 2020, following an extensive career in factoring and asset-based lending, our client, a commercial finance entrepreneur launched their own factoring and ABL business. Building on their experience and existing relationships, this new, family-owned factoring and ABL group has worked hard to add clients to their portfolio while also adding new team members and growing a strong pipeline along the way.

The owners needed a senior lender that could support both ongoing client funding needs as well as new growth. While traditional bank lender financing options were not yet fully and flexibly available due to the company’s limited operating history and portfolio size, our client also wanted a financial partner to help with some of the equity component of the funding facility. And, they wanted a partner who understood the factoring and asset-based lending space.

The Win

Haversine Funding was able do all of that, providing a $4,000,000 senior line of credit, plus a $750,000 supplemental loan to help support additional growth in their business, along with aiding as a sounding board, providing feedback and support that was specific to their factoring and ABL company and client portfolio base.

The new funding facility provided by Haversine will allow our client to focus on their continued growth and expand their client base and team, all while they continue to provide a personalized customer experience for their existing and future clients.

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