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Flatbay Capital Lends $750,000 to Houston-based Trucking Company

April 04, 2024, 07:00 AM
Filed Under: Trucking
Related: Flatbay Capital

Since inception 10 years ago, this successful Minority- Woman-Owned Business (MWOB) has focused on providing solutions such as port drayage, rail drayage, and warehousing services. Experiencing continuous growth, they now service all major ports and railroads in Houston and seek to expand their operations by utilizing the 10 acre site to build a 20,000 sf warehouse. A flexible Flatbay bridge loan made sense to this borrower, because while they were not quite ready for full construction financing (due to plans and permits not being ready), they also had a seller-financed note (from the previous property owner) with a fast approaching maturity in April 2024 that needed to be paid off.

Flatbay Capital Provides the Financial Bridge

According to Co-founder Jorge Puig, "When their Business Banker introduced them to our BDO Lili Tafilaj, we quickly knew that this would be a great client. Our 30-minute appointment went on for 2 hours, as we shared stories, learned all about one another, and met their next generation that will be taking over the family business one day."

The company plans to stay with Flatbay until their contractor is selected and their permits are ready, in approximately 12 months. We have seen a lot of instances where cash-flowing companies still face situations where bank financing is not possible at this moment. This is a great example of how Flatbay Capital can help banks retain their existing customer relationships while we provide a flexible, easy real estate loan to their client. Flatbay Capital is happy to support another Texas-based business with access to capital for their growth.

Flatbay Capital specializes in non-bank commercial real estate loans/lines $1MM+ secured with owner-occupied commercial real estate.

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