Sawgrass Finance, the Northeast Florida asset-based finance firm, recently announced it closed $6.6 million in commercial real estate financing for a Florida plastics manufacturer. The financing was secured by the company’s owner-occupied facility and funded the purchase of specialized production equipment.
The equipment opens a new product line the company could not produce before. Timing drove the transaction: the sooner the equipment could be ordered and installed, the sooner the business could produce and sell, so the closing calendar was built around the delivery schedule.
Sawgrass had looked at two earlier opportunities with the same owner over the years. Neither was the right fit at the time. The third call was.
“I’ve known the owner for years, and we looked at two deals in the past that never came together. Timing is everything in this business. When he called again, my team didn’t hesitate. He needed equipment ordered, not a lender thinking it over,” said Marius Dobren, Sawgrass Finance founder.
“Every week the equipment sat unordered was a week we couldn’t make the new product. Marius and his team understood that from the first call and moved like it. Smooth process, no surprises,” said the company’s owner.
With the facility financed and the equipment on order, the company is moving into its new product line.
