I am consulting for a specialty subcontractor who is refinancing their LOC. It will be in the $2.5mm to $3mm range.
The company assets are the collateral, especially the open AR. There is a borrowing base calculation similar to ones I have seen from other lending institutions.
One bank they are looking at very seriously wants to exclude both Billed and Unbilled retention. The unbilled retention has always been excluded but not the Billed.
I would like to hear about your experiences regarding billed retention.
Ralph J Perko