Siena Lending Group LLC (“Siena”) announces the completion of a three-year $4 million asset based credit facility for a facility management and maintenance company (“Company”). The credit facility will be used to refinance its existing senior debt and to provide additional working capital.
The Company provides facility management and maintenance services through an external network of trade service contractors. Based in Long Island, NY, the Company focuses on regional and national retailers, restaurants, and commercial companies with multiple locations who can benefit from one point of contact for vendor selection, price negotiation, dispatch coordination, and billing. Services provided include facility retrofits, carpentry, electrical, plumbing, remodeling, painting, landscaping and security. Prior to this refinancing, the Company was financed by a community bank with the loan being serviced by Siena, part of Siena’s ABL Alliance platform.
Scott Elliotto, Director of Siena Lending Group, said, “This is a great example of the benefits of our ABL Alliance program. We were able to transition the Company from a bank’s balance sheet to our balance sheet in a seamless and efficient manner with a limited due diligence process. We are very happy to provide this facility to the Company and look forward to continuing our relationship.”