Austin Financial Services (AFS) is pleased to announce the successful closing of a $3 million asset-based lending facility (ABL) to a leading manufacturer of sheet metal components serving the railroad and automotive sectors. The financing solution was comprised of an accounts receivable and inventory revolver, as well as an equipment term loan.
The company was facing challenges meeting the stringent covenants set in place by its prior bank lender during the post-Covid recovery period. Austin Financial Services was able to offer a more flexible structure along with additional working capital to invest in automation and training to better position the company to seize future growth opportunities.
“AFS was pleased to partner with a trusted real estate lender to deliver a complete refinancing solution to our client,” said Jason Anish, President & CEO of Austin Financial Services. “Our team worked diligently with all parties to negotiate and finalize the third-party agreements essential to closing this deal.”
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 lower-middle-market sector for over 40 years. Specializing in non-bank financing options, AFS provides fast and flexible lines of credit 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.