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Flatbay Capital Closes $3MM CRE Loan for Vacuum Company

June 19, 2024, 07:51 AM
Filed Under: Real Estate

About the Company: For almost 40 years, the client has provided new and refurbished vacuum trucks and tanks that aid environmental waste management in both industrial and municipal settings. The company has continued to drive success by diversifying their product and service offerings and has become one of the top companies in North America within their $2 Billion industry.

The Situation: In 2016, a natural disaster destroyed a significant portion of their headquarters and left them with no electricity, other than generators, for almost a year. Not long after they recovered they were hit with supply chain issues caused by covid-19.

This led to the addition of a parts sales division that has been helping them 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. However, that did not stop the company from wanting to make a comeback. With the goal of rebounding, the previous owner who had retired returned, promoted new management, and sought out alternate financing options.

The Solution: Flatbay Capital dove deeper into the company and noted its resilience and plans for the future. It was clear they were headed in the right direction, they just needed a cushion. Flatbay provided a $3MM CRE loan to refinance their current bank loans and provide extra cash to finance working capital.

“Our loan was the lifeline that helped satisfy debt obligations, positioned the company towards innovation, and helped restore valuable financial relationships. Beyond proud to have a hand in this!” – Vivian Thompson, Partner/BDO of Flatbay Capital. A big thank you to the client for partnering with Flatbay Capital! We can’t wait to see them soar in a market that is growing by leaps and bounds.

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

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