Commercial Funding Inc., a national provider of invoice factoring and accounts receivable financing, closed its first asset-based lending (ABL) transaction, shortly after announcing the introduction of ABL services in August.

The $3.5 million asset-based line of credit will support a Northwest-based transportation company and two subsidiaries and help them operate its more than 120 truck fleet, streamlining operations and simplifying bookkeeping.

James Baugh, Senior Vice President noted, “The CFI team was able to identify and understand the complexities of the client’s needs. Within four weeks we were able to gather all the information and documentation, conduct a thorough collateral exam, obtain multiple subordinations and underwrite, document and fund this high quality ABL transaction. The relationship will be a strategic fit for both parties for years to come and will help the client continue to grow their business.”

Commercial Funding Inc., a wholly owned subsidiary of Commercial Credit, Inc., provides invoice factoring, accounts receivable financing, and asset-based loans to middle-market companies nationwide. Based in Salt Lake City, UT, the company serves businesses in a variety of industries including transportation, oil and gas, construction, waste, manufacturing, distribution, and staffing.