Versant Funding Provides a $4 Million Non-Recourse Factoring Facility to Manufacturer of Precision Airplane Parts

Versant Funding LLC is pleased to announce it has funded a $4 million non-recourse factoring facility to a manufacturer of precision airplane parts with commercial and military applications. The financial performance of this company was negatively impacted by the pandemic and the existing asset-based lender was putting pressure on the business to refinance the facility as soon as possible.

“Versant’s offering was an excellent match for this cash-stressed business,” according to Chris Lehnes, Business Development Officer for Versant Funding, and originator of this financing opportunity. “We are strictly focused on the strength of our clients’ customers and do not underwrite their financial performance. Therefore, the pandemic’s impact on the company’s P&L was not an issue for us.“ Lehnes added.

This factoring transaction was further complicated by the company having multiple liens in place from MCA and equipment lenders, but Versant was able to negotiate intercreditor agreements, obtain the necessary subordinations, and even agreed to make an over-advance to satisfy the company’s outstanding obligations and provide additional working capital at closing.

About Versant Funding

Versant Funding's custom Non-Recourse Factoring Facilities have been designed to fill a void in the market by focusing exclusively on the credit quality of a company's accounts receivable. Versant Funding offers non-recourse factoring solutions to companies with B2B sales from $100,000 to up to $10 Million per month. All we care about is the credit quality of the A/R.

Contact: Chris Lehnes, Business Development Officer, 203-304-9527, clehnes@VersantFunding.com