Haversine Funding announced the following recently closed transactions:

• $500,000 lender finance facility to help launch a new factoring company. The owner had been in the factoring, receivables financing and asset based lending space for over 25 years and wanted to start his own factoring platform, focused on transactions up to $1,000,000. Haversine Funding was able to help structure a lender finance line providing funding capability up to $500,000 initially, with room to grow moving forward. The overall transaction included an option for future growth capital, the ability to work on larger deals through participations when needed and the relationships of Haversine Funding to bring in a more traditional bank lender to reduce their cost of funds over time, as the company grows. Haversine Funding is excited about this opportunity to work together on building out their business for the future!

• $5,000,000 of $15,000,000 inventory loan participation to finance an e-commerce sales distributor. The company had been with their asset based lender for several years, with increased sales expected for 2021. The lender was seeking a participant to help with their inventory line increase for the company’s growth. Within a few days, Haversine Funding was able to approve the increase so the lender could quickly respond to their customer and fund even more.

• $1,000,000 subordinated debt facility to support the growth of a factoring company focused on accounts receivable factoring transactions to companies focused in the staffing, janitorial and construction industries. This additional capital will help this specialty finance company continue to build their funding platform, allow for additional line increases with their traditional bank lender, and continue to grow their business.