DARIEN, Conn., March 30, 2021 (GLOBE NEWSWIRE) -- Old Hill Partners has increased its committed credit facility to ByzFunder NY, a New York-based provider of working capital solutions in the form of merchant cash advances, to $12 million. The commitment increase will further accelerate the growth of the company and allow it to expand into additional credit tiers.
“We have been very satisfied with the quality of ByzFunder’s originations, performance to date and the overall quality of their operations. We believe the company is well-positioned for further growth and we are enthused to be part of it,” said Peter Faigl, Senior Portfolio Manager at Old Hill.
“As our company builds on our existing partnership with Old Hill, this credit facility will enhance ByzFunder’s position as an emerging leader in the business alternative financing space. This facility furnishes our company with additional flexibility to expand our balance sheet to fully service business owners. Old Hill provides ByzFunder the assistance needed to advance near-term and long-term priorities in preparation for an anticipated period of significant innovation and growth,” said Ilya Fridman, CEO at ByzFunder.
ByzFunder NY LLC is a leading non-bank financing company that has been successfully providing small to medium sized businesses with fast and convenient financing alternatives since 2018. ByzFunder combines technology and non-traditional credit algorithms to offer attractive pricing and exceptional customer service to a market not captured by traditional banks.
Old Hill Partners Inc. is an alternative asset manager focused on asset-based lending transactions with borrowers seeking $10 to $50 million in financing. The firm structures senior secured debt in the form of term, draw down, and revolving-to-term facilities of up to four years and loan-to-value ratios in the range of 35% to 85%. Collateral types include pools of loans or leases (specialty finance), receivables, inventory, machinery, and equipment.
Press Contact
Christie Fogelstrom
Investor Relations
Old Hill Partners Inc.
1120 Boston Post Road
Darien, Connecticut 06820
www.oldhill.com
Phone: 203 656 3004
info@oldhill.com