LENDER OVERVIEW

nFusion Capital is an Austin-based independent working capital lender built specifically for the kind of business that banks stopped calling back — growing contractors, manufacturers, and field services companies with strong collateral but complex cash flow cycles that traditional lenders won’t underwrite. Founded in 2018 in Austin, Texas, nFusion Capital has become a specialist in accounts receivable factoring and asset-based lending for small and medium-market borrowers in construction, manufacturing, and industrial services — segments where traditional banks have pulled back. The firm was founded by Jason Lippman, a former Executive Vice President at Far West Capital who led the growth of that firm from a small regional practice to a national leader in the factoring and ABL market, where he was responsible for directing all national portfolio development efforts and overseeing underwriting of all new accounts. nFusion Capital operates as an independent, privately held lender — lean by design, fast by necessity, and calibrated for borrowers whose capital need can’t wait for a bank credit committee. In 2025, nFusion Capital closed 33 transactions across 12 months without a single quiet period — a velocity that signals a fully operational national origination machine.

• Headquarters: Austin, Texas
• Founded: 2018
• Ownership: Independent, privately held — founder-led
• Primary Focus: Asset-based lending and factoring for construction contractors, manufacturers, and industrial services companies in the lower middle market
• Typical Deal Size: $6,600,000 (calculated from $218,750,000 in nFusion-allocated volume across 33 deals)

Tale of the Tape

• Deals Logged: 33
• Volume Drafted: $218,750,000* (nFusion Capital’s confirmed allocation across 33 transactions; Nov 4W reflects equal split with Iron Horse Credit per The Rulebook)
• Primary Asset Focus: Construction & Contracting (14) | Manufacturing (9) | Industrial / Field Services (4)
• Most Common Loan Term: Not disclosed across 33 deals | Accordion feature (2) | Net 60 payment terms (1)
• Primary Loan Type: ABL Facility (19) | Factoring Facility (13) | AR Financing Facility (1)
• Top States: Texas (11), California (6), Washington (2), Arizona (2), New York (2), Illinois (1)

*Indicates a co-lender transaction. Nov 4W: nFusion Capital (AR tranche) and Iron Horse Credit (inventory tranche) jointly funded a $5,000,000 facility for a New York-based PE-owned 3D printing company. No individual allocation disclosed. Per “The Lead Arranger & The Syndicate Rule,” volume reflects equal split — $2,500,000 attributed to nFusion Capital. See The Rulebook for details.

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2025 PERFORMANCE SUMMARY

nFusion Capital logged 33 deals totaling $218,750,000 in verified allocated capital during the period covered. That’s 33 transactions across 12 months — a pace of roughly one closing every 11 days. Not a single month in 2025 produced zero deals. January, March, July, October, and December each produced four closings. The back half of the year outpaced the front half 20 to 13, with the October-through-December stretch alone generating 11 transactions. nFusion Capital is not a lender waiting for deals to come in. They are originating continuously, closing consistently, and building a portfolio that spans construction, manufacturing, industrial services, and a handful of specialty verticals across more than a dozen states.

The $218.75M total volume across 33 deals tells a specific story about the market nFusion Capital serves. The average deal is $6.6M. The median is closer to $5M. This is not a platform chasing large credits — it is a platform built for the working capital needs of growing businesses that are too small for institutional lenders and too complex for community banks. The February $46M marketing company deal and the August $20M garden products deal are the clear outliers — together they account for $66M, or 30% of the full-year volume. Strip those two out and the average drops to $4.4M across 31 deals. That lower figure is the real center of gravity for nFusion Capital’s credit appetite.

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DEAL FLOW ANALYSIS

• Deal Size Range: Deals range from $250,000 (cannabis security staffing factoring facility) to $46,000,000 (Texas multichannel marketing company). The sweet spot is $2M–$8M, where 22 of 33 transactions land. Seven deals exceed $10M, all in manufacturing, construction, or industrial services. Six deals fall below $1.5M, all factoring facilities for early-stage or single-contract situations. nFusion Capital is a full-spectrum lower-middle-market ABL lender — they’ll do $250K on a single invoice and $46M on a complex debt consolidation in the same year.
• Geographic Focus: Texas dominates with 11 transactions — one-third of the full-year deal count. California follows with six deals, confirming nFusion Capital’s national reach despite its Texas base. Washington, Arizona, and New York each contributed two deals. Illinois, Utah, Pennsylvania, Colorado, Alaska, and Michigan each produced one. The Texas concentration is structural, not accidental — founder Jason Lippman manages a diversified portfolio of residential real estate investments in Texas and the firm’s origination roots run deep in the Texas market. But the 14-state spread confirms this is a national platform in full operation.
• Industry Patterns: Construction and contracting is the dominant vertical with 14 deals — electrical contractors (3), sheet metal and roofing (2), specialty contractors (2), HVAC, civil engineering, woodworking, glass and door, excavation, and construction services. Manufacturing is the second largest with nine deals across food, beverage, apparel, furniture, garden products, millwork, innersprings, 3D printing, and integration/automation. Industrial and field services — drilling, welding, equipment rental, industrial services — account for four deals. Staffing appears four times. nFusion Capital’s construction concentration is a deliberate thesis: contractors generate progress billings and AR that are highly suitable ABL collateral, and banks have broadly retreated from construction lending since 2022.
• Loan Structures: ABL facilities account for 19 of 33 deals — revolving lines secured primarily by accounts receivable and inventory. Factoring facilities account for 13 deals — outright purchases of receivables at a discount, typically for smaller or earlier-stage borrowers. Two deals include accordion features allowing future expansion. The distinction between ABL and factoring in this dataset is meaningful: factoring clients are typically less creditworthy or less bankable than ABL clients. The 13 factoring deals signal that nFusion Capital is comfortable going earlier in the credit lifecycle than most ABL lenders.
• Deal Purposes: Working capital and growth support drive the overwhelming majority of transactions — 18 of 33 deals. Transitioning from a prior lender or refinancing existing debt appears in six deals, a signal that nFusion Capital is regularly being called when a bank pulls a line or a prior lender tightens. Seasonal capital needs appear three times. One turnaround deal — the Chapter 11 acquisition by a PE firm — is the most complex situation in the dataset.
• Specific Example: In July 2025, nFusion Capital closed a $15,000,000 Asset-Based Lending Facility for a Texas-based canned cocktail manufacturer — secured by inventory — to fund working capital ahead of the seasonal selling cycle. It’s instructive because it shows nFusion Capital’s comfort underwriting perishable consumer goods inventory at a deal size ($15M) that required genuine institutional ABL infrastructure to close.
• Transaction Velocity: nFusion Capital averaged one closing every 11 days across 2025. No month produced fewer than one deal. January, March, July, October, and December each hit four closings — a consistent peak pattern that spans all four quarters. The Q4 surge (11 deals in October through December) is the strongest single-quarter stretch in the dataset. That cadence reflects a pipeline that loads early in the year and accelerates as borrowers approach year-end capital needs and seasonal inventory builds.

Strategic Insight

The referral channel data embedded in the Advisor column is sparse but revealing. A community bank (Oct 2W Washington electrical contractor), a business broker (Oct 3W Pennsylvania furniture), a tax consultant (Dec 2W Texas staffing), a prior lender (Nov 2W Washington HVAC), and a broker (Nov 1W California electrical) all appear as deal sources. That’s five distinct referral categories across five deals — and the Nov 2W deal came from a previous lender, meaning a competing or exiting lender sent their client directly to nFusion Capital. That’s a referral flywheel built on trust: community banks, consultants, and even rival lenders are routing deals to nFusion Capital because they know the firm will close what they can’t. A lender that captures deal flow from other lenders’ exits has a sourcing channel that compounds without a sales team.

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IDEAL BORROWER PROFILE

The ideal borrower for nFusion Capital, based on verified 2025 activity, is a founder-led or owner-operated contractor, manufacturer, or field services company with $1M–$20M in annual revenue, strong AR or inventory as collateral, and a capital need that a traditional bank has declined, delayed, or reduced.

• Deal Size Range: $250,000 to $46,000,000 (sweet spot: $2M–$8M; outliers: $20M and $46M in manufacturing)
• Industries: Construction & Contracting (14), Manufacturing (9), Industrial / Field Services (4), Staffing (4), Consumer Products / Specialty (2)
• Geography: Texas (11), California (6), Washington (2), Arizona (2), New York (2) — national platform, 14+ states active in 2025
• Asset Types: Accounts receivable, inventory, progress billings, pay-when-paid AR, purchase orders
• Use Cases: Working capital and growth (18), Transition from prior lender (6), Seasonal capital (3), Recapitalization / acquisition support (3), Turnaround / special situations (1)
• Loan Types: ABL Facility, Factoring Facility, AR Financing Facility

Competitive Positioning Insight

nFusion Capital’s willingness to fund turnaround and Chapter 11 situations — demonstrated by the Nov 4W deal for a PE-backed 3D printing company emerging from bankruptcy — carves out a credit niche that most ABL lenders actively avoid. Turnaround ABL requires comfort with distressed collateral valuations, PE sponsor dynamics, and legal complexity that smaller ABL shops typically don’t have the infrastructure or risk appetite to manage. nFusion Capital partnered with Iron Horse Credit on the inventory tranche, using a co-lender structure to manage the exposure. That co-lending model is itself a competitive tool: by bringing in a specialist for the riskier collateral tranche, nFusion Capital can say yes to deals that would otherwise require a full pass. One turnaround deal in a 33-deal dataset is a signal, not a fluke — it means nFusion Capital has a yes path for PE-backed special situations that most competing ABL lenders don’t.

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STRATEGIC INTELLIGENCE BY AUDIENCE

FOR BORROWERS

• Prior Lender Exit as an On-Ramp: Six of 33 deals in 2025 involved borrowers transitioning away from a prior lender — banks pulling lines, prior ABL lenders tightening, or existing facilities maturing without a renewal. nFusion Capital is consistently positioned at that exit ramp. If your bank has reduced your line, declined a renewal, or given you a short-term maturity notice, nFusion Capital has already demonstrated it will underwrite what your current lender won’t.
• Action: Don’t wait for your existing lender to force the conversation. If your bank has signaled discomfort with your industry — construction, manufacturing, or field services — reach out to nFusion Capital before the maturity notice arrives. The Oct 2W Washington electrical deal closed after a community bank required resolution of a $4M line within a short timeframe. nFusion Capital moved fast enough to replace it. That speed is only available if you start the conversation early.
• Timing: October through December is nFusion Capital’s most active stretch — 11 deals in three months. They are fully operational in Q4 when many lenders slow down. If your capital need is seasonal or year-end driven, nFusion Capital’s Q4 availability is a genuine advantage over bank lenders whose credit committees are backed up heading into December.

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FOR BROKERS

• Construction AR as the Core Product: nFusion Capital closed 14 construction and contracting deals in 2025 — more than any other single sector. They have underwritten progress billings, pay-when-paid AR, and project-based receivables across sheet metal, electrical, HVAC, roofing, civil engineering, and specialty contracting. Brokers with contractor clients who have been declined by banks for construction exposure should route those deals to nFusion Capital as a first call, not a fallback.
• Action: When submitting a contractor deal, lead with the contract quality and the customer list — not just the AR aging. nFusion Capital’s construction underwriting is built around the creditworthiness of the end customer, not just the contractor. A general contractor with Fortune 500 or municipal customers is a fundamentally different credit risk than one with private developers, and nFusion Capital’s team knows the difference.
• Strategy: The referral data in this dataset confirms nFusion Capital pays attention to how deals arrive. Community banks, prior lenders, consultants, and business brokers all appear as deal sources in 2025. Build a direct referral relationship with Curtis Powell (SVP Business Development) — he appears by name in two deal records. Named referral relationships at nFusion Capital close faster and get more attention than cold submissions.

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FOR RIVAL LENDERS

• February Origination Gap: nFusion Capital recorded only one deal in February 2025 — the $46M Texas marketing company deal. Outside that single large transaction, February was effectively silent. That’s the one consistent low-volume month in an otherwise active year-round calendar.
• Action: Run a targeted February origination push in nFusion Capital’s core states — Texas and California — focused on construction contractors and manufacturers entering spring project season. These borrowers are building their pipelines in February and need capital before March work starts. If nFusion Capital isn’t in the market, a competing ABL lender with availability captures that deal flow by default.
• Defense: nFusion Capital’s competitive edge is speed and sector depth in construction. Their process — field exam plus inventory appraisal, term sheet to funding in under 60 days on complex deals — creates a closing tempo that institutional ABL lenders can’t match. Don’t compete on process speed. Compete on deal size above $20M where nFusion Capital’s capital base becomes a limiting factor, and on sector verticals where they have thin representation — healthcare, technology, professional services — where their collateral underwriting expertise is shallower.

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FOR ANALYSTS & FUNDS

• Construction Lending Volume as a Leading Economic Signal: nFusion Capital closed 14 construction and contracting deals in 2025 — a dataset that is effectively a real-time survey of working capital stress and project backlog across the lower-middle-market construction sector. The dominant deal purpose in this vertical is “support project backlog and growth” — meaning these contractors have work but need capital to execute it. That’s not a distress signal. That’s a growth signal buried in a sector that institutional lenders are systematically underserving.
• Observation: The concentration of bank-exit deals in construction — six of 33 total deals involved borrowers transitioning from prior lenders, with multiple explicitly noting bank line reductions or maturity demands — confirms that commercial banks are continuing to reduce construction industry exposure even as project demand remains strong. For funds modeling credit availability in the construction sector, nFusion Capital’s deal flow is a free signal that bank pullback is real, ongoing, and creating a funding gap that non-bank ABL lenders are filling at the lower end of the market.
• Strategy: Track nFusion Capital’s deal announcement frequency as a proxy for small-business working capital demand in the construction and manufacturing sectors. A slowdown in their deal cadence — fewer than two deals per month — would signal either market softening in project-based business activity or a lender that has hit its capital capacity ceiling. nFusion Capital has doubled its portfolio every year since founding in 2018. If that growth trajectory continues into 2026, the firm’s deal velocity should accelerate further — and any deceleration would be a meaningful signal worth tracking for funds with lower-middle-market credit exposure.