MidCap Business Credit, LLC Completes $8 Million Asset-Based Credit Facility for a Manufacturer of Hardwood Flooring

MidCap Business Credit, LLC announced today that it has completed a $8,000,000 asset-based credit facility for a manufacturer of premium custom plank hardwood flooring located in central Pennsylvania. The credit facility was comprised of a revolving line of credit, an equipment term loan, and a real estate term loan.  The credit facility will be used to support the company’s working capital needs and refinance the existing debt.

The opportunity was sourced out of MidCap’s regional office in Baltimore, MD. Bruce Pavesich, Senior Vice President of MidCap Business Credit, LLC, said, "We were able to   provide a flexible  asset based line of credit. Our new loan will be utilized to support the company’s growth plan and free up suppressed availability limited under the prior lender’s facility. We look forward to working with the company and helping them execute on their strategic plan and grow the business.”

MidCap Business Credit is a privately held commercial finance company providing $5 to $30 million senior secured asset-based loans to lower middle market companies nationwide. In conjunction with working capital revolvers, Midcap is able to offer machinery and equipment and real estate term loans as well. Founded in 2004, Midcap’s senior management includes seasoned commercial finance professionals who are personally engaged in each transaction to ensure timely delivery of the most effective customized financing.