Haversine Funding Closes $9.75MM in Recent Transactions

Haversine Funding recently closed $9.75 million in transactions.

The first transaction was a $3 million participation in a medical receivables asset-based loan for an infusion pharmacy going through a management buyout that needed capital to execute on the transaction. A medical asset-based lender brought in Haversine Funding as part of its funding strategy to reduce concentrations and exposure in the portfolio.

The second transaction was a $150,000 factoring participation in a telecommunications infrastructure services firm. The company was gearing up for new orders in 2021 and needed a working capital facility to access funds to meet payroll and vendor obligations. As a recently launched factoring company, the lead factor approached Haversine Funding as part of its funding strategy. The lead factor and Haversine worked together to review, approve and fund the transaction to meet the deadline of the company.

The third transaction was a $1 million subordinated debt facility to support the growth of a staffing factor that experienced recent growth. The factor sought a more institutional firm that understood the nuances of factoring, could grow with it and was comfortable in a junior, subordinated position to its bank line of credit. Haversine Funding structured a facility that was revolving in nature to maximize the factor’s working capital needs and manage its cost of funds.

The last transaction was a $5.6 million senior secured funding for a commercial real estate loan to a sawmill located in the Southwest. In this transaction, Haversine Funding helped a real estate lender refinance the loan while providing additional cash to the borrower to expand its facility.