Veritas Financial Partners (“Veritas”), a leading specialty finance company, announced the closing of a trade finance facility in partnership with Brookridge Funding (“Brookridge”), a provider of purchase order finance solutions in the United States and Canada.
The facility will provide additional liquidity to a New Jersey-based importer (the “Company”) of recreational equipment. The Company had an existing relationship with an asset-based lender but the credit facility was fully utilized and not large enough to support its seasonal growth. With $30 Million in open, unfilled orders, the importer needed incremental funding or risked losing its orders. Brookridge and Veritas were able to quickly underwrite the Company, negotiate an intercreditor agreement with the existing ABL lender and fund the transaction, thereby assuring the product was delivered on time to customers.
“Veritas is honored to participate with Brookridge Funding on this transaction to help their client meet increased customer demand,” said Tony Liobis, Vice Chairman and Chief Credit Officer, Veritas Financial Partners. “Our focus is on delivering an ability to scale for our lending partners and maximum proceeds for their growing clients.”
Veritas participates with lead lenders including P.O. finance companies, factors, asset-based lenders and other complementary capital providers. In addition, through its Lender Finance platform, Veritas provides senior revolving credit facilities to commercial and consumer finance companies for working capital and portfolio expansion.
“To succeed in today’s global marketplace, importers must have access to flexible capital and experienced lenders. We’re pleased to work with Veritas on this transaction,” said Michael Hilton, Co-President of Brookridge Funding. “We value their responsiveness and ability to work closely with us under extremely tight timeframes to get to closing.”
About Veritas Financial Partners
Veritas Financial Partners is a specialty finance firm that provides $2 – $20 million senior secured credit solutions to businesses across various industries. Veritas serves entrepreneurs and private equity sponsors by delivering the flexible, responsive capital needed to achieve their goals. As an affiliate of an investment fund with $2.5 billion in assets under management, Veritas benefits from a substantial long-term capital base.
About Brookridge Funding
Brookridge Funding, a leading source of purchase order funding over the last 24 years, has serviced over 400 clients during that time. Focused on the mid-cap market, with accounts ranging from $100,000 to $10,000,000, Brookridge provides trade finance solutions to importers, wholesalers, distributors, government resellers and growing businesses looking to retain equity while financing their growth without long term debt. To learn more, visit www.brookridgefunding.com.