“We had a rehabilitation hospital we were developing in the Mid-Cities in 2009. Because of the downturn, the lead lender decided to not honor its commitment to the loan and the equity partner bowed out. After meeting with more than 100 banks in a three-month period, we learned that the rural farm-to-market banks of Texas had not suffered as much as others during the housing collapse. Their key source of funds was from crop and livestock sales, which continued to produce. With some hard work, we were able to syndicate a group of farm-to-market banks and close the deal. … It was a $25 million project in a market that no one was doing anything in. But instead of getting down and depressed, we got creative and solved the problem. It was the catalyst for us to keep growing. Without that project and our ability to overcome the substantial hurdles of 2009, we wouldn’t be a shadow of what we are today.”
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