Porter Capital, a leading provider of accounts receivable financing and asset-based lending solutions for businesses nationwide, announced the funding of a $20 million facility in just three weeks. The client is a publicly-traded company who specializes in manufacturing machine tools and machines. The company sought a $20,000,000 line to be drawn down to enhance the balance sheet before year-end.
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To meet their auditing guidelines and accomplish its balance sheet objectives, the facility had to be a true non-recourse facility. Porter Capital was introduced about two weeks later than a competitor already reviewing the information.
“With only 2.5 weeks to go before year-end, an NDA was executed, and we were off to the races. We quickly organized a scaled-down field exam and circulated closing documents within a week,” said SVP, National Sales Manager, John Cox Miller.
“We are thrilled to be a strategic partner with this company. They are a global leader known for working with the largest brands in manufacturing and aerospace. We see extraordinary potential for their success and our goal is to help them expand with on demand cash flow,” said Director of Marketing & Growth, Blake Van Leer
To meet the tight funding window, conference calls were arranged at multiple different time zones at all hours of the day. Porter and the client were both eager to get the deal done. Despite the approaching holidays and vacations, Porter was able to fund the facility in just three weeks and the company was paid out with a $10 million initial funding before the start of the New Year.
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