OKLAHOMA CITY & BOWLING GREEN, Ky. & NEW YORK--(BUSINESS WIRE)--First Capital, a national commercial finance company, announced it has provided $16.6 million in credit facilities to Lee Masonry Products, Inc., a distributor and manufacturer of concrete masonry products for residential and commercial construction. The senior credit facility consists of a $12,000,000 working capital revolver collateralized by accounts receivable and inventory and $4,600,000 in term loans collateralized by machinery, equipment and real estate.
“First Capital is pleased to provide Lee Masonry, a regional leader in the building materials business for many years, and its management team with the capital they need to continue to grow their business and capitalize on market opportunities”
First Capital, through its relationship with a prominent consulting firm in the Great Lakes region, was referred into Lee Masonry to provide an alternative financing solution to their existing banking relationship. First Capital was able to structure a financing solution for the company that provided enough capital to restructure its current working capital facilities and provide additional capital for growth.
“We believe First Capital and its longevity and reputation in the market and its ability to structure a flexible financing program is the best choice for Lee Masonry as we continue to grow and expand in the market,” remarked Carol Lee, President and CEO of Lee Masonry.
“First Capital is pleased to provide Lee Masonry, a regional leader in the building materials business for many years, and its management team with the capital they need to continue to grow their business and capitalize on market opportunities,” said Rick Lehrter, Vice President of Business Development in First Capital’s ABL Central Region. “For the last 25 years, First Capital has provided middle-market companies with working capital solutions to continue to expand their businesses. Our financing solutions and customized and flexible loan structuring allow our clients to service their constituents and expand their business, something we professionally value in providing,” remarked Mr. Lehrter.
First Capital provides working capital financing ranging from $2 million to $25 million primarily to small and middle-market business owners with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based lines of credit.
This transaction will be serviced by First Capital’s ABL Central Region managed by John Curtis, EVP and ABL Central Region Manager. For further information relating to this deal or interest in other financing provided by First Capital’s ABL Central Region, please contact Mr. Lehrter, VP of Business Development at 918-289-1853 or Mr. Curtis, EVP Central Region Manager at 405-917-1104.
About First Capital
First Capital provides working capital financing typically ranging from $2 million to $25 million primarily to small and middle-market entrepreneurs with annual sales ranging from $10 million to $250 million. Credit facilities are in the form of Asset-Based Loans or Factoring arrangements. First Capital is one of the largest independent Asset-Based working capital lenders in the United States. Headquartered in New York City, the firm has additional full-service offices in Atlanta, Boynton Beach, Ft. Lauderdale, Los Angeles, and Oklahoma City with other sales offices located across the United States. For more information, please visit www.firstcapital.com.