Just days before Christmas, Flatbay Capital closes the fastest loan in company history, from term sheet signing to funding in 5 days! The deal was a $6,960,000 owner-occupied CRE loan for a Texas-based commercial transportation company.

About the Company

Our client is a Texas-based commercial transportation company that services the biggest metropolitan areas.

The Situation

Our client experienced a decrease in revenue during the Covid-19 pandemic, causing them to default on financial obligations. Due to bank covenant violations, the company’s credit line with their existing bank was frozen and their owner-occupied CRE note had matured and was not eligible for renewal.

Deemed unbankable, the client departed from commercial banking and turned to private credit.

They were expected to close with a competing lender, however, that lender changed the deal structure at the last minute, causing the borrower to reach out to Flatbay Capital for a winning solution.

A Tailored Solution!

Flatbay Capital's BDO/Partner, Vivian Thompson, jumped on the opportunity to assist the transportation company and ended up closing the fastest loan in our company history.

"Days before Christmas we were able to close on this request not only after the previous lender fell through but we did so in 5 business days! Aside from how quickly our team was able to respond, we stepped in to help an incumbent bank exit a problem credit along with equipping our borrower to consolidate additional debt which will facilitate success in financially turning around the business. This deal is one for the ages!"- Vivian Thompson.

The purpose of the owner-occupied commercial real estate loan is to restructure debt until the company is bankable once more. Our solution comprises a 3 year interest only term note, with a meaningful cash out. Cash flow from operations combined with the debt restructuring will support the client’s business while it rebounds.

A big thank you to the client for partnering with Flatbay Capital! We are very proud of how our team performed under pressure to meet their needs!