Austin Financial Services, Inc. (AFS) announces the completion of a $10MM senior secured credit facility comprised of an AR/Inventory revolver and an Equipment T/L to a privately-owned national manufacturer of mattresses and bedsprings. The Company was looking for a new lending partner to provide a competitive and flexible line of credit to support its growth initiatives. AFS structured a customized lending solution that addresses the Company’s current and long-term working capital needs.
Jason Anish, President & CEO said “This was a complex deal due to the ownership structure and multiple inter-creditor and legal agreements that needed to be negotiated between the investors and AFS. He continued “Our team did a great job managing the process and keeping all parties focused on meeting the funding timeline established by the Company.”
Funds from AFS’s line of credit were used to pay off existing obligations and provide additional availability for general working capital needs and new business opportunities.
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.