Briar Capital closed a $2.6 million real estate term loan to a seafood processor and distributor in New York.
The loan is secured by a single-story building with elements of both cold storage and refrigerated space located near the famed Fulton Street Fish Market.
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Unable to obtain traditional financing, this seafood business sought a lender to look beyond its limited cash flow and instead at its real estate collateral and the business opportunity ahead of them. Using an asset-based approach, Briar Capital Real Estate Fund was able to leverage the company’s real estate to pay off an existing SBA loan, retire multiple expensive merchant cash advance facilities, and inject liquidity into the borrower’s business for day-to-day cash flow needs.
A nationwide asset-based lender referred the client to Briar.
