Investors Bank said its C&I and asset-based lending groups structured a loan that combined a $15 million revolver and a $3.5 million mortgage for a New York-based toy maker’s office and warehouse facility.
Facing a tight timeframe to refinance a revolving credit facility and commercial mortgage, a leading educational toy company turned to Investors Bank.
Working together, Investors’ Commercial & Industrial (C&I) and Asset-Based Lending (ABL) groups rapidly structured a loan that combined a $15 million revolver and a $3.5 million mortgage for the New York-based toy maker’s office and warehouse facility.
Recognized as a top designer, manufacturer, importer, and distributor of educational toys and related accessories, the company will use the $18.5 million loan for current working capital needs and general corporate purposes.
In discussing the transaction, Investors Bank SVP and director of Business Development for ABL Joseph DeVito said, “Completing this agreement in a very short amount of time required a total team effort. We tapped many of our organization’s resources to analyze, prudently underwrite and process the financing for the client. Once again, we showed that Investors is the one-stop source for commercial loans.”