GC credit facilities, covenant tracking, and borrowing base certification
Hartwell Construction Group · As of Jun 15 · 5 facilities
CompliantFunded Debt
$3.2M
4 funded tranches
Blended Rate
7.56%
Weighted by outstanding
Annual Debt Service
$241.2K
Principal + interest
Next Balloon
$612.0K
426d · Liebherr…
Compliant
4
Covenants in compliance
Watch / Breach
0 / 0
Needs attention
Maturity Wall
Balloon payoffs on equipment notes, yard mortgage & municipal LC — sized to GC fleet and corporate collateral, not owner project loans.
Liebherr Tower Crane — Term Note
Cat Financial · Peachtree Medical Plaza — Phase 2
$612,000
Aug 15 · 426d
Corporate Yard & Prefab Shop
Regions Bank
$1,184,000
Aug 15 · 1157d
Cost of Capital
Blended rate on funded GC debt — revolver, Cat/Ally equipment notes & yard mortgage. Surety program excluded (premium, not interest).
Working Capital Revolver (AR / WIP BBC)
8.35%
35% of debt
Liebherr Tower Crane — Term Note
7.95%
19% of debt
Fleet Vehicles (14 trucks/SUVs)
7.45%
10% of debt
Corporate Yard & Prefab Shop
6.63%
37% of debt
Credit Facilities — GC Ledger
| Facility | Type | Outstanding / utilized | Rate | Debt service | Maturity / balloon |
|---|---|---|---|---|---|
Working Capital Revolver (AR / WIP BBC) Piedmont Commercial Bank Payroll and sub float between owner draws. BBC filed monthly by 15th. | Working capital revolver | $1,125,000 of $3,000,000 limit | 8.35% SOFR + 285 bps | $7,820 /mo | Jun 14 |
P&P Bond Program — Aggregate Old Republic Surety Peachtree Medical Plaza — Phase 2, Fulton County Justice Center — Renovation, Auburn Ave Mixed-Use Development all bonded. | Surety / bond line | $4,480,000 utilized of $6,000,000 | Annual premium ~1.85% of bonded WIP | Premium basis | Jun 14 |
Liebherr Tower Crane — Term Note Cat Financial On Peachtree Medical site. Relocates to Auburn Ave at Peachtree completion. | Equipment loan Peachtree Medical Plaza — Phase 2 | $612,000 | 7.95% 7.95% fixed | $4,200 /mo | Aug 15 Balloon $612,000 |
Fleet Vehicles (14 trucks/SUVs) Ally Commercial Finance | Equipment loan | $314,000 | 7.45% 7.45% fixed | $1,840 /mo | Apr 15 |
Corporate Yard & Prefab Shop Regions Bank 4.2 acre yard, 18,000 SF prefab shop, fleet parking. Not project collateral. | Real estate mortgage | $1,184,000 | 6.63% 6.625% fixed | $6,240 /mo | Aug 15 Balloon $1,184,000 |
| Funded debt total+ $4.5M bonded (surety) | $3,235,000 | 7.56% blended | $20,100/mo | 2 balloon events | |
Covenant Compliance
GC-specific covenant tests — liquidity for payroll/sub payments, surety capacity on bonded backlog, and coverage ratios tied to the 13-week cash forecast so a field cash dip doesn't trigger a technical default.
Minimum Liquidity
Piedmont Commercial Bank
Combined operating cash + LOC availability
- Threshold
- $500,000
- Current
- $1,243,800 operating + $1,875,000 LOC
- 13-week projection
- $312,400 operating / $2,187,400 with LOC (Jul 16)
Week 5 operating cash dips to $312K before payroll — below minimum threshold. Planned $125,000 LOC draw maintains total liquidity above covenant floor.
Minimum Current Ratio
Piedmont Commercial Bank
Current assets ÷ current liabilities
- Threshold
- 1.15× minimum
- Current
- 1.42×
Current assets $4.2M / Current liabilities $2.96M. Retainage receivable ($847K) included in current assets.
Maximum Leverage
Piedmont Commercial Bank
Funded debt to EBITDA
- Threshold
- 2.25× maximum
- Current
- 1.87×
- 13-week projection
- 1.94× (if full LOC drawn)
Funded debt $3,120,000 / TTM EBITDA $7,097,500 (8.35% margin on $85M revenue). Surety program excluded.
Minimum DSCR
Piedmont Commercial Bank / Regions Bank
Debt service coverage ratio (annual)
- Threshold
- 1.20× minimum
- Current
- 1.84×
- 13-week projection
- 1.71× (stressed — Week 5 cash dip)
TTM EBITDA $7,097,500 / Annual debt service $908,000. Equipment and yard mortgage notes fixed — coverage comfortable even in stressed scenario.