Huntington Coast Capital headquartered in Huntington Beach, CA announced today that it secured a $400,000 equipment loan to complete tenant improvements at an existing client’s business location. The loan was secured under an equipment loan structure through one of HCC’s established capital partners.
“Huntington Coast Capital was able to secure a loan that no other lenders were interested in” the company president said in a post closing interview. This particular equipment loan, while classified that, was more of a bridge loan secured by in-wall plumbing and fixtures for a cold storage tenant improvement build out.
From a collateral perspective it was very different than your typical equipment loan. In most equipment loan scenarios, the collateral is either rolling (trucks and trailers, etc) or bolted in to the ground (as in a manufacturing or other equipment intensive business). Adding to the creativity in this loan closing was the fact that all of the company’s other assets were tied up under a blanket lien by the senior lender. Lastly, the landlord waiver took a bit of negotiation as the “collateral” for the loan was largely in-wall or built in to the wall making the landlord waiver to enter the property and reclaim any collateral in the event of default, much more difficult.
In the end, Huntington Coast Capital had a happy client and another successful equipment loan closing. If your business could use some additional capital to grow, please call us 714-719-8966.