Accounts Receivable Line of Credit
A company that serves property managers in making vacant residential housing units ready for new tenants needed additional working capital to take advantage of explosive market growth. The company built its business as a single source provider of cleaning, painting and refurbishing services for owners by developing platform to manage, schedule and track services. The increasing demand for single family rental units coupled with stronger economic conditions created rapid growth in the marketplace. When their bank was unable to respond in a timely manner, the company turned to Magnolia, who quickly developed a customized solution for the business owners.
Magnolia structured a $750,000 Revolving Line of Credit to provide the company with essential working capital. Now, this innovative service provider can meet the strong demand for tenant-ready apartment rental units and continue to expand their geographical market share.
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Kerry Coker, KAMADO JOE
"The Magnolia guys have a real ‘can do’ attitude. Marc Smith and his team are super responsive and upbeat. They can fund within a matter of days. They are always looking for positive opportunities for their clients. It's a breath of fresh air to work with someone like that."
Frank Workman, Dealers Supply & Lumber Company
""Magnolia was really available when we needed them, and the leadership at Magnolia was empathetic to the cold, harsh nature of traditional banking. It gave us a tremendous amount of comfort during a difficult time. Marc Smith and his team really understood where we were, where we were going and gave us the help we needed to get there.""
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