Austin Financial Services, Inc. (AFS) is pleased to announce the closing of a $3MM senior secured credit facility comprised of an AR and Inventory revolver with an M&E T/L to a manufacturer and seller of rotational molded plastic products. The Company had outgrown its existing bank line and was seeking a long-term lending partner to support both the existing needs of its business and future growth strategies.
AFS’ revolving facility enabled the Company to maximize its asset value and access up to $2MM of additional working capital, which were used to pay off the existing bank facility, provide funding for general working capital needs, and to fund new business opportunities.
Jason Anish, President & CEO said, “We are delighted to provide another client with a customized financing solution to help bridge the gap between funding ongoing operations and the financing needed to achieve the Company’s future growth targets.” He continued, “The Company was on a tight deadline to terminate its existing bank facility. After a complete and thorough diligence process, our team closed the deal ahead of the Company’s target date, much to the delight of its management team.”
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.