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Diamond Business Provides Bridge Loan to Warehousing Company

July 18, 2014, 07:09 AM
Filed Under: Specialty Industries

Diamond Business Credit announced that it recently closed and funded a $150,000 bridge loan for a warehousing company.  The deal was funded within 48 hours of receiving the initial loan request.

The company is a long standing, profitable food storage warehouse located in eastern Massachusetts with several locations.  They had an urgent need for funds to pay down some term debt in a related entity to gain approval on a consolidation and global refinancing with a conventional bank lender. Despite being profitable and having a substantial equity position, cash was tied up in the company’s assets.

Diamond received the initial call on the morning of the first day and responded by issuing a written financing proposal within two hours. The proposal was accepted and returned and authorized the pre-filing of UCC’s.  On day 2, UCC’s were recorded and public records searched – two outstanding UCC Filings had to be terminated, all while documents were being prepared and forwarded to the borrower for review and comment.  On Day 3, Diamond’s on-staff auditor manager conducted a field audit, had original documents executed and approved the initial loan advance.  Funds were wired same day.  48 hours start to finish!

The company cured the urgent need and is now in the process of securing a long-term conventional financing.

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