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Briar Capital Real Estate Fund Provides Real Estate Term Loan to Airplane Parts and Equipment
March 9, 2020
Source: Briar Capital Real Estate Fund
Briar Capital Real Estate Fund ("BCREF") (www.BriarCapital.com) is pleased to announce it has provided a $2.25MM+ real estate term loan to an Airplane Parts and Equipment distributor located in Indianapolis, IN. The loan is secured by the company's two owner-occupied office/warehouse facilities. The company buys stock airplane part packages in bulk and sells off the individual parts or smaller packages to support the repair and maintenance of airline fleets.
The company’s sales declined sharply in both 2018 and 2019 following a worldwide shift in the supply of airplane spare parts. Furthermore, the company was forced to write down its inventory to more accurately reflect its realizable value. As a result, the company's long-time bank placed them in default and asked them to seek alternative financing for their real estate term loan.
After a successful introduction by the existing banker, BCREF quickly stepped in to document a new real estate loan facility to accommodate the bank’s wish to exit the relationship. With a collateral based approach, BCREF was able to overlook the company's recent financial performance challenges and provide a covenant free, payment friendly term loan solution.
Providing owner-occupied real estate loans from $1MM to $10MM and across all 50 states, Briar Capital Real Estate Fund is the preferred real estate lender of the asset based lending community.
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