Architectural Products Manufacturer
Revolving Line of Credit
PATIENCE IS A VIRTUE
This company manufactures bricks and other architectural veneers for the commercial and industrial markets. Due to the unexpected diversion of natural gas from their facility during the winter of 2015, startup expenses related to a new product, and write-offs related to prior years’ sales, the company experienced losses and their bank suggested they seek alternative financing. However, the new product was gaining traction and the company needed working capital to support the growth.
Lighthouse partnered with an SBA lender to refinance the entire bank debt and provide the company with ample working capital to support the growth of the new product line. Several issues surfaced for the SBA lender during underwriting that delayed funding for more than six months. All parties involved remained patient and diligent, worked through the issues, and successfully closed the transaction.