Austin Financial Services Closed a $3MM Revolving Credit Facility to a Manufacturer and Seller of Rotational Molded Plastic Products
July 23, 2019
By: Austin Financial Services, Inc. (AFS)
Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $3MM senior secured credit facility comprised of an AR and inventory revolver with an M&E T/L to a manufacturer and seller of rotational molded plastic products. The Company had outgrown its existing bank line and was seeking a long-term lending partner to support both the existing needs of its business and future growth strategies.
AFS’ revolving facility enabled the Company to maximize its asset value and access up to $2MM of additional working capital, which were used to pay off the existing bank facility, provide funding for general working capital needs, and to fund new business opportunities.
Jason Anish, President & CEO said, “We are delighted to provide another client with a customized financing solution to help bridge the gap between funding ongoing operations and the financing needed to achieve the Company’s future growth targets.” He continued, “The Company was on a tight deadline to terminate its existing bank facility. After a complete and thorough diligence process, our team closed the deal ahead of the Company’s target date, much to the delight of its management team.”
Headquartered in Los Angeles and with a nationwide lending focus, Austin Financial Services (AFS) is a privately held middle-market lender who’s been providing alternative funding in the form of fast & flexible lines of credit to small and medium sized businesses for over 35 years. Austin specializes in asset-based lending solutions which includes; revolving lines of credit and term loans secured by AR, inventory, and equipment for businesses in a growth or turnaround mode with revenues from $5MM to $200MM and borrowing needs up to $12MM. www.austinfinancial.com
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