Austin Financial Services, Inc. (AFS) closed a $5.5MM senior secured credit facility to a Midwest based full-service manufacturing company specializing in contract manufacturing, custom machining, automation, and systems integration & engineering. The company was looking to refinance its existing credit facility and needed a partner whose lending approach and greater flexibility would provide better working capital support for its ongoing operations and for future growth.
AFS structured a facility that leveraged the company’s untapped resources which will enable it to ramp up work on the backlog of projects in its pipeline. AFS’s LOC also provided the company with additional liquidity which will allow for it to bid on new projects and grow the business. Funds from AFS’s credit line were used to pay off its existing bank obligations and to support new business opportunities.
“As our presence in the marketplace continues to grow, it becomes more important for our team to remain nimble while making fast and informed decisions,” said Jason Anish, AFS’s President and CEO. “Our clients trust us to provide them with a lending solution that addresses both their immediate funding needs and long term objectives.” He continued. “Our team’s commitment to providing quality lending options and exceptional service is steadfast. Once again, our team surpassed the client’s expectations by closing the transaction within their proposed timeframe and providing an outstanding overall experience.”
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.