Alleon Capital Partners, a medical factoring and financing company headquartered in Englewood N.J., announces the closing of a medical financing facility to a New York-based adult day care facility.

The medical provider sought funding to expand services for his existing facility. Additionally, capital was needed to pay off a maturing loan. "This provider is serving the elderly in his community and Alleon Capital jumped on the opportunity to assist him with his financial needs," says Vice President Ben Rutkevitz.

Alleon creatively structured the transaction to work for the provider. "We used the provider’s accounts receivable, as well the principal’s real estate asset to increase the initial borrowing base and provide the necessary funding to take out the existing lender and provide working capital,"  Rutkevitz adds.

Rutkevitz concludes by talking about why an asset based line of credit is so important for providers today. "In the Adult Daycare space, there is a delay when new patients sign up with a provider and when Medicare/Medicaid begins making payments. Our financing helps bridge that gap and allows a growing provider to have the needed financial backing and cash flow security."

Alleon Capital Partners is a specialty finance company focused on providing capital solutions to medical providers that are unable to secure financing through conventional sources.