Briar Capital Real Estate Fund provided two new real estate loans totaling $6.735 million secured by properties in Chicago and Los Angeles to a market research company.
Introduced to this business by a turnaround consultant, Briar provided the real estate financing piece of the transaction and worked alongside a national asset based lending firm who provided a working capital loan to close both loan facilities simultaneously.
After experiencing a significant decline in revenues for 2018, this more than 50 year old company brought in an experienced turnaround consultant to help adjust expenses to better align with its lower revenues and find new real estate and working capital lenders. With a weakened balance sheet, tight cash flow, and having busted multiple loan covenants with their existing bank, the company’s turnaround consultant turned to Briar Capital for less onerous, covenant free real estate financing solution.
Using an asset-based approach, Briar leveraged the company’s two real estate properties while a separate ABL lender financed the company’s receivables, which together was used to pay off the incumbent bank.
