“It’s not every day you have a $1 million in pumps and filtrations for a waterpark. Luckily NFS was innovative enough to get our deal done and consistently clearly communicated what the agreement would look like,” said Monty Galland, CEO of BRTX. This made it easy for BRTX to begin its project sooner and on solid ground.
- A new business can face a range of challenges as it begins its venture. However, unexpected financial challenges can be one of the most difficult to solve, for a new business. This is the story of how a waterpark was able to overcome the many challenges thrown its way.
- During construction, the company realized that it had a $1 million gap in funding as the pumps and filtration system was not part of the original construction bid
- An innovative funding solution for their unique situation and business allowed the company the opportunity to open its doors to the public earlier than anticipated resulting in increased public awareness
- Lack of revenue created challenges in securing financing through traditional lenders
Big Rivers Waterpark and Adventures (BRTX) is a family entertainment center in Houston, Texas built around its focal point, a waterpark. It was formed by a close-knit group of investors who, through having families of their own, realized that there was an absence of family entertainment in the area. They decided to take it upon themselves to develop a spot for families to gather for a fun, wholesome day out.
As BRTX was constructing the park it realized there was a problem that it was initially unaware of — the pumps and filtration systems that run the water park were not actually part of the overall construction bid, leaving the park with a $1 million gap in funding.
BRTX recognized it needed a supplemental financial partner to fund the systems necessary to complete the park. It needed to outline the unique situation with hopes that a financial partner would take time to understand its needs and provide quick funding for assets that did not have strong collateral value.
In addition, BRTX was working with several challenges on the construction management side that required quite a bit of attention. It was anxious to keep all aspects moving forward but was challenged in many ways.
BRTX reached out to its network in hopes of finding a financial partner that was willing and able to meet its needs. A contact referred BRTX to NFS Leasing. BRTX was eager for an equipment lease and optimistic that NFS would help solve its problems.
It clearly outlined upfront the details of its situation, the type of agreement it needed from NFS and the potential challenge in gaining information and details from the manufacturer. NFS was straightforward in its discussion, understood the challenges ahead and agreed to work with BRTX to find a solution.
NFS Leasing worked with BRTX to gather the necessary information needed from the busy manufacturer and diligently worked toward completing the deal. “I really appreciated the patient engagement of NFS Leasing. They were able to work with us to get the deal done when it seemed like the manufacturer was too far out of reach,” said Monty Galland, CEO of BRTX.
As a story credit lender, NFS often finds itself being creative and flexible on deals, and BRTX certainly benefited from NFS’s experience. Galland went on to say, “It’s not every day you have a $1 million in pumps and filtrations for a waterpark. Luckily NFS was innovative enough to get our deal done and consistently clearly communicated what the agreement would look like.” This made it easy for BRTX to begin its project sooner and on solid ground.
The park opened in May 2019 with a full grand opening in July. The local community was incredibly receptive to the park which proved hugely successful for BRTX. Being open on fourth of July weekend was an enormous advantage for BRTX as well. Over 8,000 people visited the park that weekend alone. In just a partial season, BRTX was able to reach hundreds of thousands of people which in turn will result in more recognition for the coming year. Providing families with the opportunity to watch their children experience entertainment at its waterpark is exactly why BRTX began its venture.