Haversine Provides $1.5 Million to West Coast-Based Transportation Factoring Company
The Opportunity
This West Coast-based transportation factoring company focuses on relationship-driven originations, with a strong niche presence in their community. Coming out of the recent trucking recession, the factor sought a capital partner that could support their growth with a senior line of credit layering on top of their existing owner capital. Initially approaching Haversine to explore scalable capital options, the factor returned as market conditions began stabilizing and growth opportunities emerged through buyouts and organic referrals.
The Challenge
The transportation sector experienced significant volatility over the past several years. While the factor maintained profitability and solid portfolio oversight, the company needed:
A senior facility structured for growth
Flexibility to scale as volume increased
A partner who understood transportation factoring dynamics
Haversine’s Solution
Haversine initially provided a $1.0MM senior secured revolving line of credit, structured with an accordion feature to allow staged growth. As the factor’s portfolio strengthened and expanded, Haversine increased the facility to $1.5MM, with capacity for further expansion. Key features of the facility include:
Senior secured revolving structure
Advances up to 85% of eligible net funds employed
30% client concentration cap
20% account debtor cap
Structured minimum usage and renewal flexibility
The facility was designed not just to provide liquidity, but to scale alongside the company’s growth trajectory.
The Results
Portfolio growth supported through flexible capital and a factor who is positioned for growth.
Source: Haversine Funding