Austin Financial Services, Inc. (AFS) recently funded a $2,400,000 revolving ABL credit facility comprised of an AR and inventory revolver, with an equipment term loan, to a commercial laundry services company based in the Northeastern United States. In addition to providing commercial laundry and dry cleaning services, the company provides linen rental & management services through its subsidiary entities.
The Company was looking to exit its current banking relationship and needed a partner who understood its business and could provide a holistic lending solution to support its short and long term objectives. The funds from AFS’s line of credit were used to pay off the existing bank line, upgrade and replace equipment, and for ongoing working capital.
Jason Anish, AFS’s President & CEO, said, “the client was working under a tight deadline and despite the complexities of this deal, our team was able to close the transaction and transfer the needed funds ahead of schedule.” Jason continued, “as a result of our quick response time, the customer was able to pay off its former lender as planned and refocus the Company’s resources on the business and its growth objectives.”
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.