TSL Express Daily News
The Secured Lender
SFNet's The 81st Annual Convention Issue
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Top 5 Apps for Organizing
Mar 7, 2019If you’re like most of us, we try to stay organized in business and life, but it gets increasingly complicated…
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The Importance of Stretching
Mar 7, 2019Every personal trainer and athletic coach I have ever worked with has stressed the importance of stretching. When working out…
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SFNet's 40 Under 40 Award Winners Panel Recap
Mar 6, 2019Moderator: Samantha Alexander, regional underwriting manager, Wells Fargo Capital Finance’s Corporate Asset Based Lending group and 2016 CFA 40 Under…
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SFNet's Inaugural YoPro Leadership Summit
Mar 6, 2019The Secured Finance Network brought together the next generation of commercial finance leaders for a full day of learning and…
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It’s a Marathon, Not a Sprint
Aug 22, 2018I was recently invited to participate in an executive panel to answer questions from a credit training class comprised of...
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It’s Not Too Late – Five Member Benefits to Cash In On Now
Aug 1, 2018As we hit the half way mark on calendar year 2018, it is a good time to take stock and…
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It’s Time To Break Up With Your Phone
Jul 18, 2018Do I have your attention? Let’s be honest here: do you have the attention span to read this article? Compared…
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Lien Management – What You Need to Know
Jun 6, 2018UCC filing is the cornerstone of all loans and every lien portfolio...
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Potential Impacts of Blockchain on Commercial Lending
Jan 15, 2018By Raja Sengupta, Executive Vice President and General Manager, Wolters Kluwer’s Lien Solutions When it comes to the rising importance…
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How to be a Good Leader
Dec 5, 2017I know what you’re thinking…another article about how to be a good leader? The short answer is yes…but this time,…
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Fintech and Due Diligence – Disruptors and Established Firms Evolve
Oct 30, 2017The fintech sector has gone through a number of manifestations in the past two decades.
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A Commercial Banker’s Tickler Transition Plan
Oct 18, 2017Just do a keyword search for “bank tickler,” and you’ll quickly realize that banks are still heavily reliant on manual…
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Understanding and Developing Your Personal Brand: Four Steps to a More Intentional Career Progression
Sep 5, 2017It is imperative for individuals to have a general idea about their future career aspirations, just as companies should have clearly defined strategies.
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Selecting a Technology Vendor: 3 Questions to Ask
Jul 5, 2017As with anything else at your bank, selecting a technology vendor can be a challenging decision. Users from across different…
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Why Back-Office Lending Automation Enhances Customer Satisfaction
Apr 25, 2017Every bank strives to keep its customers happy. Of course, some institutions are better at achieving this goal than…
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The Lost Art of the Loan Purchase
Mar 2, 2017Purchasing a loan directly from a bank whether at par or discount is a not-often-used technique that is easily…
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Audit Prep: Why a Paperless Approach Makes Sense
Feb 15, 2017How much time does your financial institution spend preparing for audits? We recently surveyed 187 community banks, and the results…
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Back Office Support Services: Helping you approve more clients
Feb 7, 2017How many times have you come across a potential client who’s financials are either not up to date, not accurate,…
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“All Assets” is the Key When Drafting UCC-1 Financing Statement Collateral Descriptions
Jan 30, 2017Even when prepared by outside or in-house counsel, many lenders pay close attention to draft UCC financing statements before they…
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Paper Loan Files: Does Your Bank Know the True Cost?
Jan 12, 2017Sure, there’s a tangible cost associated with deploying an electronic loan imaging system. Software, support, and scanning hardware are just…
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November 14, 2023
Source: Briar Capital Real Estate Fund
Briar Capital Real Estate Fund (www.BriarCapital.com) and Pathward®, N.A. (www.Pathward.com) are pleased to announce they each simultaneously closed new loan facilities totaling $23.9MM to a precast concrete company with manufacturing facilities in Houston and San Antonio, Texas.
Briar Capital provided a $8.9MM real estate loan facility secured by the company’s two manufacturing plants, while Pathward provided the company with a $15MM asset-based working capital facility, secured by Accounts Receivable and inventory. The combination of the two loan facilities helped retire the company’s debt at a regional bank, clear up past due payables, and provide access to working capital to address a substantial backlog.
As inflation began to rise in 2021, this business began to experience severe margin compression. While they were able to pass along higher material costs on some work, they were unable to do so in the majority, especially on the large-scale projects operating under long-term, fixed price contracts. Forced to absorb these higher costs, the company’s financial performance was impacted, and cash-flow became tight. They soon found themselves in trouble with their suppliers and in default with their bank who eventually demanded they move the lending relationship.
With the help of a prominent consulting and restructuring firm, the company introduced several performance improvement initiatives and began a process to identify a new lender to replace its current one. On the strength of their highly competitive product offerings as well as their relationship with one another, Briar Capital and Pathward were awarded the company’s financing business.
Jill Kirshenbaum, Briar Capital’s Senior Vice President, said, “I am always grateful for our partners in finance. When I got the call from a large Chicago Accounting firm, to assist with the restructuring of a Texas manufacturer, I was encouraged to know we not only have an incredible team, headquartered in Texas, but we also have an enormous network of partners in ABL who we are so lucky to partner with.”
Business Development Officer, John Trendell, who led the deal for Pathward echoed Kirshenbaum’s appreciation for the partnership and stated, “We are pleased to team up with Briar Capital to provide a forward-thinking, asset-based lending solution to help a mutual client and manufacturer turn around its books and stay in business. While traditional banks may discount businesses through tough times, Pathward works closely with clients and partners like Briar Capital to identify the client’s assets and how we can creatively use those assets as credit to help them rebuild and thrive.”
With both the Briar Capital real estate term loan and the Pathward asset-based line of credit in place, the company finds themselves with ample access to working capital and two supportive lenders to assist them in their growth efforts. The performance improvement initiatives instituted earlier this year are beginning to pay off, and the business is well positioned for a strong 2024.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice, and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
About Briar Capital Real Estate Fund
Briar Capital is a commercial real estate centric, asset-based lender. For over 20 years, Briar Capital has provided both term and revolving lines of credit solutions to credit challenged businesses using only their real estate as collateral. With loan sizes ranging from $1MM to as much as $15MM, Briar Capital finances commercial, owner-occupied real estate nationwide. Learn more at www.BriarCapital.com.
Media contacts:
Pathward
Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
Briar Capital Real Estate Fund
Jeff Van Sickle
713.268.8626
jeffv@briarcapital.com
Briar Capital provided a $8.9MM real estate loan facility secured by the company’s two manufacturing plants, while Pathward provided the company with a $15MM asset-based working capital facility, secured by Accounts Receivable and inventory. The combination of the two loan facilities helped retire the company’s debt at a regional bank, clear up past due payables, and provide access to working capital to address a substantial backlog.
As inflation began to rise in 2021, this business began to experience severe margin compression. While they were able to pass along higher material costs on some work, they were unable to do so in the majority, especially on the large-scale projects operating under long-term, fixed price contracts. Forced to absorb these higher costs, the company’s financial performance was impacted, and cash-flow became tight. They soon found themselves in trouble with their suppliers and in default with their bank who eventually demanded they move the lending relationship.
With the help of a prominent consulting and restructuring firm, the company introduced several performance improvement initiatives and began a process to identify a new lender to replace its current one. On the strength of their highly competitive product offerings as well as their relationship with one another, Briar Capital and Pathward were awarded the company’s financing business.
Jill Kirshenbaum, Briar Capital’s Senior Vice President, said, “I am always grateful for our partners in finance. When I got the call from a large Chicago Accounting firm, to assist with the restructuring of a Texas manufacturer, I was encouraged to know we not only have an incredible team, headquartered in Texas, but we also have an enormous network of partners in ABL who we are so lucky to partner with.”
Business Development Officer, John Trendell, who led the deal for Pathward echoed Kirshenbaum’s appreciation for the partnership and stated, “We are pleased to team up with Briar Capital to provide a forward-thinking, asset-based lending solution to help a mutual client and manufacturer turn around its books and stay in business. While traditional banks may discount businesses through tough times, Pathward works closely with clients and partners like Briar Capital to identify the client’s assets and how we can creatively use those assets as credit to help them rebuild and thrive.”
With both the Briar Capital real estate term loan and the Pathward asset-based line of credit in place, the company finds themselves with ample access to working capital and two supportive lenders to assist them in their growth efforts. The performance improvement initiatives instituted earlier this year are beginning to pay off, and the business is well positioned for a strong 2024.
About Pathward®
Pathward®, N.A., a national bank, is a subsidiary of Pathward Financial, Inc. (Nasdaq: CASH). Pathward is a U.S.-based financial empowerment company driven by its purpose to power financial inclusion. Pathward strives to increase financial availability, choice, and opportunity across our Banking as a Service and Commercial Finance business lines. The strategic business lines provide end-to-end support to individuals and businesses. Learn more at Pathward.com.
About Briar Capital Real Estate Fund
Briar Capital is a commercial real estate centric, asset-based lender. For over 20 years, Briar Capital has provided both term and revolving lines of credit solutions to credit challenged businesses using only their real estate as collateral. With loan sizes ranging from $1MM to as much as $15MM, Briar Capital finances commercial, owner-occupied real estate nationwide. Learn more at www.BriarCapital.com.
Media contacts:
Pathward
Courtney Heidelberg
605.291.7044
mediarelations@pathward.com
Briar Capital Real Estate Fund
Jeff Van Sickle
713.268.8626
jeffv@briarcapital.com
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