Briar Capital Real Estate Fund provided a $4.35 million real estate term loan to a contract manufacturer in North Carolina providing utility enclosures and shelters as well as metal finishings for the automotive and HVAC industries to customers across North America.
The merger of two regional banks created a situation where the purchasing bank no longer desired the borrowers’ lending relationship in its portfolio. Seeking a quick exit, a national asset-based lender was called to provide the revolving line of credit who then contacted Briar Capital to consider funding a real estate loan on the borrower’s unencumbered, owner-occupied real estate. The Briar Capital real estate loan coupled with new equity from the owner helped retire the bank debt, allowing the company to exit the tenuous banking relationship and afford it time to obtain a new asset-based revolving line of credit.
The transaction was originated by Jeff Appleton, executive vice president at Briar Capital Real Estate Fund, while the closing was facilitated by Laura Cordero, senior vice president of underwriting, and Sue Holiday, chief credit officer.
