Flatbay Capital provided a vacuum company with a $3 million CRE loan to refinance its current bank loans and to provide extra cash to finance working capital.
In 2016, a natural disaster destroyed a significant portion of the company’s headquarters and left it with no electricity, other than generators, for almost a year. Not long after the company recovered, it was hit with supply chain issues caused by COVID-19. This led to the addition of a parts sales division that has been helping the company get back to pre-COVID numbers. During this time, management failures resulted in broken relationships and the accumulation of debt, which ultimately closed most banking opportunities.
With the goal of rebounding, the previous owner who had retired returned, promoted new management and sought out alternate financing options.
“Our loan was the lifeline that helped satisfy debt obligations, positioned the company towards innovation and helped restore valuable financial relationships,” Vivian Thompson, partner and business development officer of Flatbay Capital,” said. “Beyond proud to have a hand in this!”
