Receivable Finance For Spanish Cocoa Trader

Business is a commodity trade finance lender/arranger based in New York, USA.
Business is seeking senior secured lender on $1.5 million short term commodity trade finance facility for a Spanish cocoa processor / trader.
Each deal amount is approx $50,000 - $100,000 on shipment of cocoa powder from Spain to 4 – 5 buyers mainly in Northern Africa (Morocco, Algeria, Tunisia).
Each deal is on uncommitted, transactional basis and continuously recurs.
Buyer non-payment risk is covered with Coface Spain credit insurance.
60% of the deals are receivable finance of 30 – 60 days.
10% of the deals are voyage finance of 10 – 20 days. Financing is from load port to destination port. Lender receives payment 2 days prior to vessel’s arrival at destination port. Release of title to cocoa occurs after receipt of payment.
30% of the deals are voyage finance followed by receivable finance for a financing period of 40 – 80 days.
Up to 15 deals may overlap but cannot exceed $1.5 million in aggregate.
Senior secured lender to provide 85% of each loan.
Business will provide 15% of each loan as a junior secured lender.
Business will document the agreements and book/administer the loans.
Interest rate is SOFR + 8%pa. Current SOFR is approx 5.35%pa. Thus, all in rate is 13.35%pa (=8.5% + 5.35%) currently. There will be a floor SOFR of 3.5%pa.
Borrower was founded in 2013 and is located in northern Spain. Borrower’s business activity is to a) import cocoa liquor and cake from West Africa, b) process and produce 3,000 to 5,000 metric tons of cocoa powder annually and c) export final cocoa products to customers mainly in Northern Africa.
Borrower annual sales $2.5 million, total assets $4 million, equity $0.8 million.