First American's Financing Solution
First American took an innovative approach to solving the school's challenges by developing an unsecured term loan that allowed the school to break ground by aligning debt service to its pledge receivables schedule. In addition, the school was not required to disrupt the existing treasury relationship with its primary bank.
"First American developed an unsecured term loan that aligned debt service to the pledge receivables schedule. As part of the term note agreement, the school had the ability to utilize an open line of credit to cover construction outflows."