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Press release content from Globe Newswire. The AP news staff was not involved in its creation.

Old Hill Partners Completes a $10 Million Financing for Funda, a Small-Balance Business Loan Lender in Australia

November 26, 2019 GMT

DARIEN, Conn., Nov. 26, 2019 (GLOBE NEWSWIRE) -- Old Hill provided a $10 million senior secured revolving-to-term facility to Funda, an Australian lender focused on providing lines of credit and fully amortizing loans to small-and-medium-sized enterprises. The facility is secured by a first lien perfected interest in a pool of receivables originated by the borrower.

“We operate in a segment of the lending market that requires specialized knowledge; a segment that is being neglected by large traditional banks due to post-crisis regulatory constraints. The firm’s experience in the asset class and the asset-based lending (ABL) sector in general, allowed us to execute on a transaction that offered a flexible financing solution for the borrower that was not available from traditional lenders. We worked very closely with the borrower to craft a custom transaction, secured by strong collateral, which aligned the interests of both parties,” said Peter Faigl, Senior Portfolio Manager at Old Hill.

Historically, Old Hill provides asset-based lending solutions for borrowers seeking $5 to $25 million in financing. The firm structures senior secured debt in the form of term, draw down, and revolving-to-term facilities of up to five years and loan-to-value ratios generally not exceeding 85%. Collateral types include pools of loans or leases (specialty finance), receivables, inventory, machinery, and equipment.

Old Hill Partners Inc., an SEC-registered investment advisor founded by John Howe, is an alternative asset manager focused on asset-based lending transactions with small- and medium-sized businesses seeking capital for expansion, acquisitions or growth.

Press Contact

Christie FogelstromBusiness Development & Investor Relations AssociateOld Hill Partners Inc.1120 Boston Post RoadDarien, Connecticut 06820www.oldhill.comPhone: 203 656 3004info@oldhill.com