Haversine Funding announced the following recently closed transactions:

• $13,000,000 senior secured, lender finance facility to an equipment lender specializing in truck and trailer loans across the U.S. This asset based lender has continued to increase sales, employees and improve processes over the past three years, partnering with Haversine along the way to help facilitate their growth. Their Haversine line was recently raised to $13,000,000, increasing from their original $5,000,000. Working together, Haversine and the owners of the company structured a borrowing base along with supplemental capital, effectively providing 100% funding on their equipment loans while the company’s sales accelerated in the transportation space the past year.

• $3,000,000 of a $4,200,000 real estate participation in three assisted living centers located in North Carolina and Florida. These distressed properties were acquired and renovated by the owner, where he was then able to increase occupancy to 90%. The limited historical performance limited the owner’s options in obtaining traditional bank financing. A real estate lender who Haversine has worked with on multiple transactions structured a bridge loan with a 60% loan to value while the companies await their USDA refinancing to be completed. Haversine helped share in the funding participating directly in the majority of transaction, helping the real estate lender close and fund this new loan.

• $1,800,000 of a $3,000,000 inventory participation in this agricultural equipment manufacturing loan with an asset based lender. This stand-alone inventory facility was provided to refinance the company’s existing, higher rate working capital line as the business has continued to grow and improve performance over the past year. This new, larger inventory loan will reduce the company’s cost of capital and provide sufficient funding for their continued growth.

• $1,500,000 of a $3,000,000 factoring participation to a staffing company located in Georgia. The business had continued to grow and use more of their factoring facility, and the factor wanted to participate out their concentration in this client as the company used more of their line. Additionally, the overall pricing on the deal was more competitive in the marketplace from what the factor typically offers, and by working with Haversine, the factor was able to blend their yield to be more in line with their existing offerings. The participation funding by Haversine helped the factor reduce exposure while also improving their internal returns on this account.

Haversine Funding provides fast, fair and flexible funding solutions to lenders. Formed in 2018, we help factors, asset-based lenders, inventory, equipment and real estate lenders fill funding gaps by providing participation options, as well as senior and junior lender finance lines.