Raw Underwriting Notes
UNFORMATTEDCredit request — Harbor Point Logistics LLC
- asking for 3.2M term loan, 5yr, to buy the warehouse they currently lease (Stockton CA)
- also want 750k revolver for working capital / seasonal swings
- in business 11 years, regional freight + 3PL
- 2025 revenue 14.2M, up from 11.8M in 2024. EBITDA ~1.9M (13.4%)
- owner Maria Delgado, 100% owner, personal FICO 760, strong PG
- existing debt: equipment loans ~880k (various lenders), pays on time
- proposed DSCR looks like ~1.45x
- collateral: warehouse (appraised 4.1M), blanket lien on equipment (~1.2M NOLV), AR
- AR aging clean, BUT biggest customer = 22% of revenue (concentration)
- 2 yrs tax returns clean, interim 9/30 shows continued growth
- LTV on the real estate about 78%
- banks elsewhere now, would move operating accounts to us
- one prior late pay on a vehicle loan in 2022, resolved, nothing since
- freight market softening a bit in 2026 but they hold multi-yr contracts
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Borrower & Request
Financial Analysis
| Metric | 2024 | 2025 | Assessment |
|---|---|---|---|
| Revenue | $11.8M | $14.2M | +20.3% ✓ |
| EBITDA (margin) | — | $1.9M (13.4%) | HEALTHY |
| Proposed DSCR | — | 1.45x | > 1.25x policy ✓ |
| RE Loan-to-Value | — | 78% | NEAR 80% LIMIT |
| Customer concentration | — | 22% top client | MONITOR |