The year was 1987, and Larry Bassett was contemplating his future after making the decision to remain in Greensboro, NC instead of moving back to Atlanta at the request of his then bank employer. While staying active brokering loan deals, he quickly noticed the lack of traditional Asset Based Lenders in the small business niche. It was then that Larry decided to start what became Lighthouse Financial Corp. Larry approached Richard Allen, an executive with LADD Furniture at the time, about investing in his start-up. Thirty years later, Mr. Allen remains the Chairman at Lighthouse, while Larry remains involved as the Vice Chairman.
Since inception, it has been Lighthouse's mission to provide creative and flexible asset based loans to businesses that cannot qualify for or wish to pursue traditional bank financing. Over the years, Lighthouse has provided hundreds of credit facilities, most often to companies engaged in or in need of a turnaround. We are extremely proud of the success stories that have resulted from our assistance.
In 1998, Lighthouse refinanced a line of credit to a wholesale broker of textile fibers. Nineteen years later, this company is still a Lighthouse client. A South Carolina based waste equipment manufacturer had experienced losses resulting from delays in the opening of their Arizona facility. Shortly after closing the transaction, steel prices increased dramatically leading to seven figure losses for the company. Despite the losses, Lighthouse increased their line of credit from $2,500,000 to $3,000,000 allowing the company to weather the storm, return to profitability and successfully return to traditional bank financing. A North Carolina based manufacturer of textile beams had struggled for several years as a result of Chinese competition in the textile industry. Lighthouse provided a $2,500,000 credit facility which included a term loan to pay out the bank completely and provide ample additional working capital. Lighthouse remained steadfast during the client's efforts to convert their business from mainly manufacturing to refurbishment based on market conditions. As a result, the company returned to profitability and back to conventional banking.
The three previous examples are but a few of the hundreds of loans that Lighthouse provided to assist clients through tough times. The one thing that these three transactions had in common was the use of turnaround consultants to help guide the businesses back to profitability. As such, Lighthouse will continue to look to practitioners of turnaround consulting and the TMA to assist us as we continue to provide financing to guide companies through that "sea of financial uncertainty".
Lighthouse Financial Corp. is a privately owned commercial finance company specializing in providing asset based loans secured by accounts receivable, inventories and fixed assets to small and medium size businesses whose financial needs cannot be met by traditional bank loans. Lighthouse offers asset based lines of credit from $500,000 to $5,000,000 to clients with annual sales between $4 million and $50 million.
FOR MORE INFORMATION ABOUT LIGHTHOUSE, PLEASE VISIT:
J. Brad Leach
President & CEO
336-272-9766
Ben Riley
Vice President-Business Development
410-409-5558
