Flatbay Capital provided a $4.4 million commercial real estate loan to an international catalyst-handling company for the refining, chemical, petrochemical and processing industries.
The company’s performance suffered during the COVID-10 pandemic. The business tried to establish banking relationships; however, banks wanted to see a longer period of financial strength beyond what the operation currently had.
The catalyst handlers needed a temporary haven to provide the necessary time to develop, so another specialty finance lender referred the company to Flatbay Capital. The company will use the Flatbay Capital facility to pay off existing notes and provide cash out for working capital needs.
“We are very thankful that our partner firm reached out to us in this company’s time of need,” Elliot Smith, managing partner of Flatbay Capital, said. “The pandemic has caused many businesses to struggle and we are happy to provide this next stepping stone.”
