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Flatbay Funds $2.5MM Owner-Occupied CRE Bridge Loan for Serial Entrepreneur

April 28, 2023, 06:00 AM
Filed Under: Real Estate

Flatbay Capital’s latest funding is a $2.5 million Owner-Occupied CRE Bridge Loan for a headquarters in Austin, Texas.

Founded in 2019, our client is the 100% owner of the company’s real estate and operating entities. The commercial building is located in an upscale part of Austin and is used by the entrepreneur to support several businesses in beverage hardware, lighting, and commercial products distribution. The company is not necessarily a “turnaround” per se, because they are EBITDA positive. However, the company is a relatively new organization with limited historical revenue, rendering banks unable to help with their loan. Flatbay’s desire was to help support this successful serial entrepreneur with his new venture.   

Flatbay was referred to this client by a turnaround management consultant to help with the company’s lending request. Our client needed to tap into the equity of their free and clear property to support the working capital needs and accelerated business growth.  Flatbay provided a commercial real estate loan with flexible terms tailored to fit their needs. We believe this deal to be a true bridge loan as the client will be on track to be bankable in the near future.  

"This is not a company that Flatbay expects to keep on the books for long. They have excellent management and clear vision as they continue on this path of accelerated growth. It's truly gratifying to help them in a time of need while they position themselves for conventional bank financing," said Scott Deal.

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