FAMILY TIES
Family businesses are popular, particularly in construction. Something about trust, work ethic, and never shying away from doing what needs to be done just seem to fit in the building world. It’s also one of the reasons Freure Homes has been so successful over the past 67 years. We chatted with their Vice President, David Freure and Chief Financial Offer, Andy Kotsovos about how they found success with Dorr Capital.
COMING IN COLD
Back in 2015, Dorr Capital was only a few years old and still building its roster of partners. Brian Dorr made a cold call to Freure Homes and eventually found then-newcomer Andy Kotsovos. “He wasn’t my first call. He wasn’t my last call. But he was the right call,” a deadpan Kotsovos remembers. “He was a memorable call. One minute in, I could already tell he had a knack for understanding our needs.” A family business of two generations, Freure Homes has seen their fair share of financial partners, but none seemed to fit quite this well.
THE FREURE FLAVOUR
Builders, like the homes they fabricate come in all shapes and sizes. Freure Homes consider themselves a bit more of a hybrid. “Our deals range from the simple to the complex,” proudly explain Kotsovos. “Sometimes we need financing for purchases, sometimes for development, and sometimes it’s for construction. Each deal has its own unique flavour, but there was nothing Dorr Capital could not handle.” This along, with their blossoming relationships is a point of pride for Dorr. His strategy is to approach each deal as a unique undertaking and find a solution that works. David Freure loves that “Brian never lectures us about what we should be doing or make us feel like we’re wrong. They’re a true partner, through and through.”
BLUEPRINTS FOR SUCCESS
This is no accident. Dorr thrives on getting in on deals early and often. It’s a strategy that helps Dorr Capital to fully understand the long-term goals of the project, then make recommendations on the best course of action. Everything from lower percentages at the outset, refinancing after major milestones, or sourcing new investors to back the next phase is flexible. (continued)
It’s a somewhat unorthodox approach that goes a long way to completing projects and solidifying partnerships. When asked why Freure Homes continues to work with Dorr Capital, he calmly answered, “They knew what they were talking about,” says Freure. “They came in and went to work. Typically, lenders turn over the work to us and we feel like we’re working for them. Brian got his hands dirty and got in there.”
To see how Dorr Capital can support your next project, reach out to rplati@dorrcapital.com.
