Austin Financial Services, Inc. (AFS) recently funded a $4.1MM ABL credit facility comprised of an AR & inventory revolver, with an equipment term loan to a manufacturer and distributor of highly customized and specialized components for conveyor belt systems. The Company, which is located in the Midwest, had outgrown its existing financing line and was looking partner with a lender who understood both the opportunities and risks inherent to its business but who offered more flexibility under its loan structure at competitive rates.
AFS structured a facility that would allow the Company to fulfill the backlog of orders for its core clientele while meeting its ongoing general working capital needs. The AFS facility also taps into the value of the Company’s machinery and equipment to provide additional liquidity. Funds from the AFS line of credit were used to pay off the Company’s existing financing obligations and for capex to support new business opportunities.
“Our team proved again that we can deliver on our promise to create value for our clients through our competitive credit solutions and full service – no matter how complex the transaction or capital structure,” said Jason Anish, AFS’s President and CEO. “As a leader in our field, it’s crucial that we set a high standard for providing quality lending solutions and exceptional service.” he continued. “This client was looking for a strategic lending partner with an ability to structure a facility that would meet both its current and long term funding needs while closing in a fast timeframe. Our team did an exceptional job on closing this deal and exceeding the customer’s expectations.”
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.