Austin Financial Services, Inc. (AFS) funded a $6.2MM ABL facility to a 54 year old Contract Manufacturing Company based in Northern California. The Company was seeking an experienced and competitive lending partner who could yield greater value from its existing asset pool to provide more borrowing capacity.
AFS’ credit facility is comprised of a revolver secured by accounts receivable and inventory and a term loan secured by M&E. The proceeds of AFS’ revolver were used to pay off the Company’s existing bank line, fund the Company’s ongoing working capital needs, and to support funding demands for its near term growth plans.
About Austin Financial Services (AFS)
Headquartered in Los Angeles, Austin Financial Services (AFS) is a privately held, nationwide leader in asset-based lending, serving the middle-market sector for over 40 years. Specializing in alternative funding options, AFS provides support to small and medium-sized businesses that are experiencing growth or undergoing a turnaround. Clients typically have revenues ranging from $10MM to $250MM and have borrowing needs of up to $20MM. AFS’s comprehensive portfolio includes flexible revolving lines of credit secured by accounts receivable and inventory, along with term loans secured by equipment.