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April’s heating up for Flatbay Capital: Another deal funded for a strong, family-owned business
April 10, 2024
Source: FlatBay Capital
Flatbay Capital is proud to announce its second closing of April with a $2,700,000 commercial real estate purchase loan to help a Houston-based construction and restoration company acquire land for their new headquarters. This deal ,which was led by Houston BDO Lili Tafilaj, is secured by 12 acres of land in north Houston, which will be developed into the borrower’s operating company headquarters.
A tough situation for a good borrower
Since 2010, this WOB (woman-owned-business) has offered services to the greater Houston area, initially starting out as a general contractor and later expanding into a full-service construction and property damage restoration company. The husband and wife duo’s constant growth created the need for an additional facility to expand its current operations. While they were ready for the land purchase, they still needed time to draw up the engineering plans and specs, hence the need for alternative financing. We were approached by a bank to provide funding until the plans for the construction project are ready in 9-12 months. Based on the company's past and current success, their need for land-purchase financing presented a great opportunity to help a strong borrower.
Flatbay Capital Bridges the Gap
Flatbay Capital was able to lead with their best foot forward to get the deal done, illustrating another example of how we can help bankers maintain their current relationships while leaning on their partners at Flatbay to provide funding for companies in transition.
According to BDO Lili Tafilaj: "Flatbay was thrilled to help this profitable Houston-based construction company purchase a property for their future headquarters. Unfortunately the client had been turned down by several banks due to the fact that they wanted to self-build their own warehouse. In addition, the loan was not eligible for SBA due to an owner being a foreign national. Flatbay focused on the CRE collateral and strong cash flow, and funded the loan in under 30 days from term sheet signing. We look forward to supporting them on their entrepreneurial journey".
Flatbay Capital specializes in non-bank commercial real estate loans/lines $1MM+ secured with owner-occupied commercial real estate
A tough situation for a good borrower
Since 2010, this WOB (woman-owned-business) has offered services to the greater Houston area, initially starting out as a general contractor and later expanding into a full-service construction and property damage restoration company. The husband and wife duo’s constant growth created the need for an additional facility to expand its current operations. While they were ready for the land purchase, they still needed time to draw up the engineering plans and specs, hence the need for alternative financing. We were approached by a bank to provide funding until the plans for the construction project are ready in 9-12 months. Based on the company's past and current success, their need for land-purchase financing presented a great opportunity to help a strong borrower.
Flatbay Capital Bridges the Gap
Flatbay Capital was able to lead with their best foot forward to get the deal done, illustrating another example of how we can help bankers maintain their current relationships while leaning on their partners at Flatbay to provide funding for companies in transition.
According to BDO Lili Tafilaj: "Flatbay was thrilled to help this profitable Houston-based construction company purchase a property for their future headquarters. Unfortunately the client had been turned down by several banks due to the fact that they wanted to self-build their own warehouse. In addition, the loan was not eligible for SBA due to an owner being a foreign national. Flatbay focused on the CRE collateral and strong cash flow, and funded the loan in under 30 days from term sheet signing. We look forward to supporting them on their entrepreneurial journey".
Flatbay Capital specializes in non-bank commercial real estate loans/lines $1MM+ secured with owner-occupied commercial real estate
