Flatbay Capital Provides $1.6 MM CRE Loan for Large Powder Coating Company

Flatbay Capital LLC (“Flatbay”) (www.flatbaycapital.com) announces the closing of a $1,600,000 commercial real estate loan (industrial/warehouse) to refinance multiple properties for a large commercial powder coating company. Operating successfully in Houston for over 30 years, the business saw a recent decrease in revenue due to a shift in their customer base combined with sales team turnover. Since the company was not meeting debt service covenants, the incumbent bank chose to reduce its credit exposure and approached Flatbay Capital for a possible refinance. 

Managing Partner, Elliot Smith, stated, “We were approached by the special assets division of a large regional bank to help with this downgraded credit. The underlying real estate was sound and we believed in the new executive leadership's ability to continue the turnaround. We were happy to help both the bank and our client in their time of need.”

Flatbay Capital LLC provides owner-occupied real estate loans ($1MM+) across all major Texas markets. They offer creative deal structuring for non-bankable deals, competitive rates, and bring value to banks, asset-based lenders and their clients.

www.flatbaycapital.com