Summit recently provided immediate working capital for a large manufacturer of precision machine parts, underwriting this sophisticated deal structure in 10 days. This company was growing quickly and needed to replace their bank line of credit. Summit moved quickly into action, creating a credit facility and inventory-based term loan which allowed money to start flowing right away to this large manufacturer. The underwriting team worked swiftly to close the deal within a matter of days, to ensure the new facility would be on the books by the company’s fiscal year end. The result is a $3.25mm working capital credit facility and inventory term loan, which positions the company very well for its future success. They can now fill orders, take advantage of trade discounts, and continue to grow. The bank retained the company’s depository relationship and in time may gain the full lending relationship when the company is ready.
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