Asset-Based Lending: Unlocking $1M–$50M+ Against Working Capital
Asset-based lending is the most under-utilized middle-market debt product in America. For operators with $2M+ in receivables and inventory, ABL unlocks 2–4x more liquidity than a traditional bank line — at single-digit pricing.
How the borrowing base works
Eligible AR (under 90 days, no concentration over 20%, US-based) × 80–90% advance + eligible inventory × 50–65% = your borrowing base. The line floats with the base, recalculated monthly.
Pricing
SOFR + 250–550 bps on drawn balance, plus a 0.25–0.50% unused-line fee. For a $10M facility at 50% utilization, all-in cost typically runs 7–10%.
Who qualifies
$2M+ revenue, B2B with documented AR aging, audited or reviewed financials, sponsor experience. Industries: distribution, manufacturing, staffing, oil-services, transportation.
Covenants to expect
Monthly borrowing-base certificate, fixed charge coverage ratio (typically 1.10x), capex cap, distributions limited to net income. Tighter than fintech but the rate spread justifies it.
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