The client, a global healthcare provider based in Houston, was founded in 1980. The company provides testing, wellness checkups, on-site evaluations, and services in various industries.
The client hit a rough patch in 2021 when the Biden Administration pulled out of Afghanistan, severing a contract that allocated a significant amount of the company’s overhead. Along with the contract loss, the owners did not adjust their bottom line appropriately, leading to continual losses in 2022.
 
Taking a step in the right direction, they contacted a third-party consultant for assistance in applying for employee retention credits (ERCs), but the owners still caused a financial strain on the company. With new management in 2024, a massive reduction in overhead expenses and an increase in contracts boosted the healthcare provider back to profitability. However, the company's financial history prevented them from obtaining traditional bank funding for property renovations. As a result, they were directed to Flatbay Capital.
 
Flatbay Capital provided a $1MM CRE loan for cash-out purposes. The cash out will be used for building improvements and any access cash will support working capital needs.