Strategic Financing Success: Haversine Funding’s $3,000,000 Boost in Healthcare Funding

The Situation

Faced with the need to enhance and grow a senior credit facility to $10,000,000 to support a client's growing presence in the healthcare staffing and services sector, a leading factor and asset-based lending institution looked to strengthen its existing relationship with Haversine. Their client needed a line increase that was higher than the lender’s hold limit. They needed a participation partner who could take $3,000,000 of their asset-based lending facility. The driving force behind choosing Haversine as their partner? A strong track record of successful collaborations and Haversine's proven ability to provide reliable funding solutions.  

The Haversine Approach

“The support of Haversine 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, Factoring and ABL

Financing & Business Issues

Financing amount:  

$3,000,000

Business issue:

Securing the necessary funding was just the beginning; the central challenge lay in establishing a robust financial framework to address the unique demands of the healthcare sector. This encompassed navigating the complex terrain of potential payroll tax liabilities—a key element for the sustainability of staffing firms. The financial institution, specializing in factoring and asset-based loans, required a seasoned partner, well-versed in healthcare finance intricacies. They sought a collaborator capable of not only navigating the payroll tax complexities but also adept at risk mitigation. It was in this context that the partnership with Haversine flourished, leveraging their specialized expertise and reliability, setting the stage for a strengthened financial alliance.

The Win

By uniting forces, Haversine and the expert specialty finance partner orchestrated an expansion of their lending facility to an impressive $10 million. Haversine's strategic investment of $3 million played a critical role in shaping this comprehensive strategic plan. This strong partnership not only secured the essential funding for the SME borrower but also established a framework capable of navigating the complex payroll tax landscape. Leveraging their combined expertise, they steered the client towards a path of growth and stability, solidifying their position in the competitive healthcare space.  

The cooperation between Haversine and the specialty finance partner highlighted a significant achievement for both parties. They worked to assess the tax liability potential and create a plan, obtained the capital needed, and helped their client continue to grow.