Briar Capital Real Estate Fund closed a new $5.6 million commercial real estate loan in Ohio to a sheet metal component manufacturer doing business in the transportation sector.

After busting certain financial covenants in its bank lending facility, this business was introduced to Briar by a highly professional turnaround consultant based in the Midwest. Needing a more patient financing alternative than that of a bank, Briar was brought in as the real estate lender and paired with a leading asset-based lender who provided a working capital facility and an equipment term loan. The joint financing solution not only replaced the incumbent bank who was seeking an exit but provided much needed liquidity to support the company’s anticipated growth and to help satisfy multiple related party transactions.

“We enjoy collaborating with folks from the turnaround industry and love playing a role in these types of transactions. As a private lender, we are free from the regulatory oversight that banks experience which means our loans, while slightly more expensive, provide more flexibility which is tremendously valuable in turnaround situations like this,” said Jill Kirshenbaum, Briar’s SVP of Business Development who sourced the transaction.

Briar’s CFO, Leah Goldberg, who closed the transaction said, “While this one took time to negotiate with several overseas parties and work through multiple intercreditor agreements, our prior experience working with the borrowers new ABL lender helped to get this one over the finish line. This was a complicated closing and one that helps illustrate that having over 20+ years of lending experience still matters in this environment.