FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / News / Read News

Print

Tradecap Partners Closes Bridge Financing for Texas Sports Complex

February 06, 2018, 06:59 AM
Filed Under: Construction

TradeCap Partners  has provided a $350,000 bridge finance facility to a Texas-based recreational sports complex to support interim working capital needs as they expand their footprint.

The company operates multiple recreational sports facilities and was in the process of planning and securing financing for the construction of a new location. Front end soft costs associated with the design and permitting of the new project had put a strain on cash flow. The company was seeking a short-term bridge finance solution that would replenish cash reserves drained from existing operating facilities, allow time to finalize design plans and secure the construction loan.

Initially, they approached several banks which were unable to help due to real estate collateral and working capital assets being encumbered. A banker referred the opportunity to TradeCap with hopes a creative solution could be provided.

TradeCap assessed the opportunity and worked with the company to carve out a portion of the real estate collateral to secure financing until the construction loan was approved and funded. The facility was structured to provide initial availability of $180,000 and the ability to drawdown an additional $170,000 as needed. TradeCap’s solution provided the immediate liquidity needed to support operations of the existing facilities and will provide the company ample time to complete the planning phase on the new location and secure construction financing.





Week's News



Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.