Flatbay Capital announces the funding of a $3,000,000 CRE Bridge Loan for a trucking contractor based in Houston, Texas
The Situation?
Our new client, who has been in business 20 years and is no stranger to energy industry cycles, was faced with the loss of a couple of large contracts from companies that decided to delay project for a few quarters. No longer meeting their DSC requirements, the incumbent lender (although they really like this company and believe in them) was still required to seek a pay down.
The Solution!
Although they were no longer "bankable", the client has a strong balance sheet and is starting to rebuild their sales pipeline to get them back on track. The owners presented details about their new customer base and RFP's in process, which helped us focus on their next 12-months more so than the trailing 12-months. Our 3-year Interest-Only Term Loan gives them significant "cash-out" for working capital while also reducing their monthly payments. The client will likely become bankable sometime in 2023; therefore, our short prepay window will allow them to pivot back to a bank as soon as 2Q23.
Real Term Sheets + Competitive Terms + No DSC Requirements