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Briar Capital Real Estate Fund Announces a New $6MM Real Estate Loan to a Metal Fabrication and Machine Shop
January 13, 2021
Source: Briar Capital Real Estate Fund
Briar Capital Real Estate Fund ("BCREF") (www.BriarCapital.com) is pleased to announce a new $6MM real estate loan to a metal fabrication and machine shop in Texas. The loan facility consists of a $5MM Term Loan and a $1MM Revolving Line of Credit, both secured by the company's real estate. Using only the real estate as collateral, the BCREF facility freed up the company's remaining assets, allowing them to be leveraged by another lender.
After a challenging 2019, like many businesses, this Texas company was greatly affected by COVID in 2020. With projects placed on hold and new work stalled in the bidding phase, the business found itself in a liquidity crunch. After exhausting the various federal relief programs offered by the SBA, the company turned to BCREF and its one-of-a-kind real estate financing products for help.
While the BCREF term loan was utilized to pay off the incumbent bank, the revolving line was used to address payables. With the incumbent bank debt retired and the corresponding all-asset lien removed, the company was able to finance its accounts receivable with a separate lender creating even greater liquidity.
As a former ABL lender, BCREF understands the needs and challenges traditional A/R and inventory lenders face. As a result, its real estate offerings pair well with traditional ABL loans by providing additional liquidity in the most challenging of situations. Briar Capital Real Estate Fund's sole focus is providing owner-occupied real estate loans to credit challenged business while being non-competitive to traditional working capital lenders.
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