$7.5M Accounts Receivable (AR) Funding to Texas Oilfield Services Company
Facility Amount: $7,500,000 including a $1,200,000 real estate loan
The Company: This company provides various services including water and mud hauling to the oil and gas industry.
The Issue: The company was previously financed through a bank factoring division. They were acquired, and new management decided to also seek a new financing relationship that could provide the company with more working capital.
The Solution: This new management team was already familiar with Allied and knew that Allied would be able to provide more creative business cash flow solutions, including a larger line, a 90% advance rate, additional availability on previously excluded customers, and a $1,200,000 real estate loan for additional working capital.
The Win: This Funding by Allied will provide relief through additional cash flow by enabling the company to securely make their payroll, fund ongoing operating needs, and pay stretched vendor amounts, thereby restoring those relationships.