Commercial Funding Inc., a national provider of invoice factoring and accounts receivable financing, closed its first asset based lending (ABL) transaction, shortly after announcing the introduction of ABL services in August 2020.
The $3.5 million asset based line of credit will support a northwest-based transportation company and two subsidiaries and help them operate their more than 120 truck fleet, streamlining operations and simplifying bookkeeping.
James Baugh, Sr. Vice President notes, “The CFI team was able to identify and understand the complexities of the client’s needs. Within four weeks we were able to gather all the information and documentation, conduct a thorough collateral exam, obtain multiple subordinations and underwrite, document and fund this high quality ABL transaction. The relationship will be a strategic fit for both parties for years to come and will help the client continue to grow their business.”
Learn more about Commercial Funding’s asset based loans by visiting https://www.commercialfund.com/funding-solutions/asset-based-lending.