$12,000,000 Accounts Receivable & Inventory Facility
Successful Turnaround Financing for E-Commerce Platform Provider
This company transforms large, fragmented industries by providing an e-commerce platform that seamlessly integrates online commerce, a localized professional community and feature-rich content. The California-based company focuses on industries such as recreational boating, all-terrain vehicles, dirt bikes, and home décor markets.
The company recently refinanced from a large, national bank to another, but they quickly tripped a fixed-charge coverage ratio. The bank was monitoring them extremely closely and began to pressure the company by moving their loan to the bank’s special assets division. This led the company to seek an alternative financing solution.
The company was upgrading the back-end software for the most valuable division of their business, and like most upgrades, it hit speed bumps along the way, which caused their financial issues with the banks. They needed a financial partner that understood their business and would allow for flexibility in order for them to achieve their growth objectives.
Accord was happy to provide the flexibility they needed and refinance their bank loan with an accounts receivable and inventory facility. Accord won them over with our responsiveness, direct contact with decision makers and our understanding of their financial turnaround.