$7 Million Factoring Facility Supports New Projects

$7 Million Factoring Facility Supports New Projects

Client:
Land & Sea Industries, LLC (L&S) is a full-service Heavy Metal Fabrication and Manufacturing Solutions Company located in Texas. They provide a wide range of services, including commercial construction, high pressure piping, structural fabrication, and more. Their in-depth knowledge of the energy industry enables them to offer added value to clients.

Situation:
In 2022, L&S experienced significant growth but did not have adequate staff. With a tight labor market for welders, they had to use recruitment companies which doubled their costs. Anticipating more growth and large contracts on the near horizon, they needed to increase staffing once again. In addition, metal prices rose significantly post-COVID. L&S needed a cash infusion to support business growth as well as increase personnel with related hiring costs. Another nFusion Capital client, Kort Industries, referred them to us.

Solution:
A $7 million ABL line of credit

“nFusion Capital’s innovative approach enabled us to access more funding than we could with our previous lender, which really helped us scale up. They’re entrepreneurs too, and they understand the road we all travel. We appreciate how quickly they worked to make it happen.”

– Wade Schindewolf, Owner, Land & Sea

Result:

The additional funding enabled them to pay off their existing lender, catch up on vendor payments, and invest in the staff they needed to continue to grow the company.

“We appreciate that Kort Industries suggested to Land & Sea that they could continue to grow with an ABL line from nFusion. While they enjoyed the relationship they had with their existing factor-they just didn’t have the Asset Based Lending product we offer. We went full speed ahead and had them underwritten and closed out within five weeks.”

Rachel Samuelson, Senior Vice President-Portfolio Manager, nFusion Capital

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