Refinancing in the Middle of a Pandemic!

Cambridge Financial Services was able to source, negotiate and close a $5 million factoring facility for a trucking and logistics company in the middle of the pandemic lockdown.

According to lead consultant, Nick Jalowski, “the engagement started as a turnaround assignment as the company had posted losses for several years and its financing had been moved to the loan workout department of a national bank. Initially, we negotiated a forbearance with the bank to provide the time to work with the company, and then focused on strategies and tactics to turn around the company’s financial performance. There was also various litigations and vendor issues that we had to settle along the way. With the assistance of Cambridge operational consultant, Joe Compitello, who advised on structural changes to the business, it was not long before our client started posting monthly positive EBITDA.  We then embarked on the next phase of the assignment, which was to refinance the bank. After soliciting and reviewing various funding proposals, our client decided to go with a bank based factoring facility that was the best fit for the company. We were on the cusp of closing with the factor when the shut down due to the Covid-19 crisis hit! Fortunately, our client’s business model was one that could weather the financial storm of the lock down, and the factor decided to move forward with the deal. We recently closed on the facility and the company is performing nicely.” 

Since 1985,  Cambridge Financial Services has been providing turnaround consulting services, financial restructuring and placement services and strategic financial advisory assistance. Initial consultations are free!