Haversine Funding Announces New Transactions

Haversine Funding announced the following recently closed transactions:

$750,000 of a $1,500,000 factoring participation to finance a ‘do it yourself’ home automation and security product manufacturer. The factoring company was seeking a participant due to their internal client concentration limit and contacted Haversine Funding to help. Within a few days, Haversine Funding was able to underwrite, approve, close and fund the transaction, maintaining the client concentration requirement with a fast solution.

$3,000,000 subordinated debt facility to support the growth of a residential real estate lender for loans that may be held for sale or investment. This bridge loan is expected to convert into a longer-term opportunity with Haversine Funding to help the business expand into other markets outside of the Northeast.

$4,000,000 of an $8,000,000 purchase order and factoring participation for a PPE transaction to deliver masks to a national retailer. The factoring company’s client had received a larger order that required upfront funding against their purchase orders, carrying the balances until payment of the invoices occurred. Given the concentration in their portfolio and industry, the factor called Haversine Funding to help with the underwriting and sharing in the overall exposure. In less than one week, Haversine Funding was able to underwrite, approve, document and fund the transaction thereby helping another factoring company be able to help their end client.

Haversine Funding provides fast, fair and flexible funding solutions to lenders. Formed in 2018, we help factors, asset-based lenders, inventory, equipment and real estate lenders fill funding gaps by providing participation options, as well as lender finance lines and growth capital. Visit us at www.haversinefunding.com to learn more.