Briar Capital Real Estate Fund closed a $1 million real estate loan facility to a Detroit area manufacturer of high precision cutting tools used across multiple industries around the country.
After a rough 2019, which saw the company lose considerable market share, the pandemic happened, which brought this cutting tool business to a screeching halt. While others did not, this company adapted and successfully navigated the COVID-19 waters only to be dealt with another blow just as it was beginning to see the light at the end of the proverbial tunnel. the company’s bank of more than 20 years wanted to exit its loan and asked the company to find a new mortgage lender.
Briar was brought into this transaction by a traditional asset-based lender who prefers lending on assets like accounts receivable and inventory to that of real estate.
Within days of its introduction, Briar issued a financing proposal and weeks after that, closed a real estate term facility to replace the incumbent bank. With a stable and patient lending source at its side, this company can now concentrate on its business and get back to what made it successful for more than 50 years, servicing its customers.
