Flatbay Capital funded a $4,300,000 commercial real estate loan for a research and development, engineering, and testing company that supports the energy industry.

In business for 20 years, the client was faced with its most challenging year yet. The company spent years developing a new product line and the release happened right before Covid. The main contributing challenge was due to revenue loss during Covid and a temporary downturn in the oil and gas industry. The company’s relationship with a national bank ended when they were moved to special assets and required to pay off the letter of credit (LOC) due to small losses the company incurred in 2021.

The company made substantial progress in 2022 and is ramping up rapidly for a successful 2023. They have new contracts in place, and 2023 is projected to be their best year ever.  Flatbay Capital is filling a near-term void by funding a bank payoff as well as a $2MM+ cash-out, funded directly to the borrower.  Within the next 18 months they are very likely to become bankable once again.