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Stonebriar Commercial Finance Provides $40MM to Marine Transport Supplier

October 27, 2015, 07:13 AM
Filed Under: Marine

Stonebriar Commercial Finance announced it has provided a $40 million loan commitment to a Gulf Coast based supplier of marine transportation solutions to the inland and intra-coastal shipping industry. Proceeds of the loan will be used to finance the acquisition of vessels to be placed on bareboat charters with companies engaged in the marine transport of petroleum related products. The initial funding in September related to a vessel on bareboat charter engaged in the transportation of petroleum products in the Gulf Coast region.

The borrower commented "We were looking for a financial partner who could provide not only an initial funding within a short timeframe, but also a commitment to fund additional growth for our operations, with Stonebriar, we were able to accomplish both goals.

Mark Gibson, Vice President of Capital Markets added, "Stonebriar was able to meet management's current financing need deadline as well as provide a commitment to enable the company to grow over time. We look forward to a long and successful relationship with the borrower."

Since its inception in April, Stonebriar has funded over $130 million in new business with another $160 million in approved backlog. Stonebriar specializes in transactions for businesses in a wide variety of industries throughout the entire credit spectrum located in the United States, Canada and select other foreign jurisdictions. Stonebriar is a privately held commercial finance company established in April, 2015 and based in Plano, TX. With financial backing from Security Benefit Corporation, Stonebriar is building a world class, multi-billion dollar platform of commercial loans and leases.

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