Briar Capital Real Estate Fund closed a new $10.8 million commercial real estate loan to a 30+ year old industrial tool supplier in Georgia. The business was referred to Briar Capital by the company’s asset-based working capital lender after learning the borrower’s existing mortgage holder, a large regional bank, desired to exit the relationship.
“It is an absolute honor to be brought into situations like this by an ABL partner, especially when that partner already has money in the deal,” Larry Ellis, senior vice president of Briar Capital, who originated the transaction, said. “I feel it is a strong testament regarding our ability to work well with other lenders in the capital stack as well as a positive endorsement of our industry leading, real estate product offerings.”
“There were several unexpected twists and turns that we had to collectively navigate however we are very pleased to get this one across the finish line,” Sue Holliday, chief credit officer of Briar Capital, who worked alongside the existing ABL lender, an additional lienholder and ownership to close the deal, said. “The liquidity we were able to generate using their real estate should help alleviate the occasional cash flow struggles they experience due to unexpected payment delays with specific customers.”
