Just days before Christmas, 2022 Flatbay Capital LLC closed the fastest loan in our 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.
The Situation?
Due to bank covenant violations, our client’s credit line with their existing bank was frozen. In addition, the owner-occupied CRE note had matured and was not eligible for renewal. Unfortunately, the operating entity was not bankable due to losses experienced during the Covid pandemic. The client was originally 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. The purpose of the loan is to restructure debt until the company is bankable once more.
A Tailored Solution!
Cash flow from operations combined with the debt restructuring will support the client’s business while it rebounds. Our client had historically been profitable for many years and we fully believe they will be again. Our solution comprises a 3 year interest only term note, with a meaningful cash out. The combination of the interest only payment and additional liquidity is just what our client needed to help their business get back on track. In addition to providing much needed liquidity our facility is very flexible, has no financial covenants, and the client can go back to bank financing whenever they are ready.
Business Development Officer, Vivian Thompson lead this deal and was key to closing the fastest loan in our company history, from term sheet signing to funding in 5 days. We are very proud of how our team performed under pressure to meet the client's needs!
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"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
Real Term Sheets + Competitive Terms + No DSC Requirements