Briar Capital Real Estate Fund closed a $8.95 million real estate loan for a family-owned OEM of drivetrain and powertrain assemblies in Michigan. Briar Capital’s real estate loan was closed in conjunction with a total debt and operational restructuring organized by a national turnaround consulting firm.
 
Still experiencing the effects of COVID related supply chain issues, this company’s bank decided their business no longer fits the bank’s credit profile. As a result, the bank asked this OEM to move their entire lending relationship consisting of a revolving line of credit and equipment and real estate term facilities. After first awarding the business to a “one-stop shop” lender that failed to perform on their proposal, the turnaround firm opted to separate the different loan facilities and identify lenders with a history of executing on what they say they will do and close quickly.
 
Concurrent to reaching out to a National Non-Bank Asset Based Lender to provide a $23MM revolving line of credit and equipment term loan, the turnaround firm contacted Briar Capital to provide the $8.95MM real estate term debt. Briar Capital and the ABL lender worked hand in hand to close their facilities simultaneously, remove the unsupportive bank from the financing picture, and provide the business with much needed access to working capital.
 
The coordination of the three loans and closing was orchestrated by Briar’s Chief Credit Officer, Sue Holliday. “This is another notable example of Briar Capital working collaboratively within the ABL community to provide real estate financing solutions,” Sue said. “While our entire focus is asset-based real estate lending, our years of experience as a former traditional ABL lender helped us close this facility quickly so the company could return their attention to running their business free of financing distractions.”
       
With a primary emphasis on collateral, Briar Capital provides both term and revolving commercial real estate loans nationwide ranging from $1MM to $15MM.