PORTLAND, Ore. - Lumber exporter and secondary wood products manufacturer Patrick Lumber Company has closed on a $20 million loan from U.S. Bank to support its growth and provide working capital.
Founded in 1915, Portland, OR-based Patrick Lumber sells niche high-grade softwood products to distributors throughout the world in truckload, container, and railcar volumes. Another business, subsidiary Wood Source, sells to residential and commercial contractors in the greater Denver metro area, and has supplied projects in Southern California, The San Juan Islands of Washington State, Missoula Montana, Austin, Texas and points between. Services include in house milling, timber sizing and surfacing, hand hewing, wire-brushing, pre-staining, and pre-painting.
Patrick offers hardwood lumber in alder, western maple and mahogany. Softwood species available include Douglas fir, cedar, pine, and western hemlock.
“Patrick Lumber over the years has shown a thoughtful approach to growth – both domestically and abroad – centered on their commitment to quality products and customer service,” said Sam Philbrick, president of U.S. Bank Asset Based Finance.
U.S. Bank is financing Patrick Lumber is in the form of an asset-based credit line, through its U.S. Bank Asset Based Finance. The financier says this is one of the nation’s leading asset-based lenders providing financing for middle-market and large cap companies in a wide range of industries, such as lumber and building supplies, in the United States and Canada. The financing supports working capital, growth, acquisitions and turnarounds.
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