Daily News: August 29, 2014

BizCap Facilitates Building Contractor Term Loan, Revolver

Business Capital structured and secured a $3 million combination term loan and revolving line of credit for a modular building contractor.

The niche company experienced rapid growth but was saddled with IRS liens and liabilities, high interest loans and a long payment and production cycle for each unit. Working capital was needed to finance the forecasted growth in sales and to continue to upgrade facilities and equipment.

Business Capital was quickly able to structure and secure a senior secured term loan and revolving line of credit to provide the company with the additional working capital necessary to further their plans for growth.

The company, a central Pennsylvania-based general contractor in the modular building industry, manufactures, installs and finishes modular structures for developers of residential multi-family projects, hotels, apartments, assisted living facilities, student housing and single family homes located throughout the Northeast and Mid-Atlantic states.