Haversine Funding Closes $7.75MM in Recent Transactions

Haversine Funding recently closed the following transactions:

•  $750,000 of a $1.5 million factoring participation to finance a ‘do it yourself’ home automation and security product manufacturer. The factoring company was seeking a participant due to its internal client concentration limit and contacted Haversine Funding to help. Within a few days, Haversine Funding underwrote, approved, closed and funded the transaction, maintaining the client concentration requirement.

• A $3 million subordinated debt facility to support the growth of a residential real estate lender for loans that may be held for sale or investment. This bridge loan is expected to convert into a longer-term opportunity with Haversine Funding to help the business expand into other markets outside of the Northeast.

• $4 million of an $8 million purchase order and factoring participation for a personal protective equipment transaction to deliver masks to a national retailer. The factoring company’s client received a larger order that required upfront funding against purchase orders, carrying the balances until payment of the invoices occurred. Given the concentration in its portfolio and industry, the factor called Haversine Funding to help with the underwriting and to share in the overall exposure. Haversine Funding underwrote, approved, documented and funded the transaction.

Formed in 2018, Haversine Funding helps factors, asset-based lenders, inventory lenders, equipment lenders and real estate lenders fill funding gaps by providing participation options, lender finance lines and growth capital.