Worthy Lending, LLC Finishes the Summer With $1.5MM in New Financing Facilities
September 3, 2019
Source: Worthy Lending, LLC
In order to complete numerous purchase orders and to prepare for a very busy year end, this midwestern manufacturer and servicer of 21st century state-of-the-art printing presses looked for a flexible lender able to finance its inventory. Unleashing the capital in a very large and diverse inventory Worthy Lending, LLC (WL) a Boca Raton Florida inventory finance specialist, provided an initial ABL Inventory facility of $400K with the ability to expand as year-end orders build. WL created a finance structure collateralizing the manufacturer’s inventory with an expansion capability that would incorporate other unencumbered assets as the company’s working capital demands increase. Alan Jacobs WL’s CEO commented, “we were presented with a company that had multiple highly expensive MCA loans which drained its cash flow and largely reduced its bottom line. We replaced these facilities with our inventory line bolstering it with the capability to expand by adding other assets to its collateral base. This borrower has been in the printing press industry over 70 years with a well-respected reputation and is certainly “worthy” of the financing we have provided.”
WL, an active syndication participant, also bought two participations allowing other lenders to expand their capacity and in doing so reduce risk. First, earlier this past summer WL purchased a participation of $600K for an inventory finance facility provided to a distributor of specific articles of clothing to retail stores. The Lead lender was very pleased to have another inventory lender on board. Closing the summer, WL purchased a participation with a northeastern factoring company whose client provided services for governmental and municipal agencies. Commenting on these transactions Fred Leder the Managing Underwriter said, “these two participations were very easy to close. The Lead in both cases provided me with detailed information making my underwriting and evaluation process move quickly, safely and accurately. Additionally, we get ongoing information on time and complete.”
Worthy Lending, LLC is a lender providing ABL structures incorporating multiple sources of collateral specializing in stand-alone inventory transactions. Unlike many other lenders WL does not require securing accounts receivable and redirecting payments thereof. With a flexible approach to financing the needs of sector-diverse businesses, WL offers ABL facilities ranging in size form $300K up to $3MM, or higher in specific instances. As an additional product line, WL purchases participations with other lenders and does not seek the Lead position.
For additional information regarding Worthy Lending, LLC contact Alan Jacobs it’s CEO at (561) 288-8467 or by email at alan@worthylending.com
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