Real Estate - $800,000- Buyer wanted their Bank to finance a property but hated that their Lender at most, would only offer a 10 year fixed rate. We were able to obtain a commitment letter from another Bank with a 15 year fixed rate and with better terms. Buyer used this documentation to convince their Bank to change their mind about their terms and Buyer ended up obtaining a great 15 year fixed rate at their Bank.
Hard Money Real Estate.
Refinance - $510,000-
Referred by a local Banker this Owner of a property was given the unique option by their Bank to eliminate $250,000 in mortgage debt if they could refinance their existing mortgage, which ballooned, to another Lender. Owner recently started a new business and lack of sufficient historical income made conventional financing impossible. After much searching we found an out of state hard money lender that offered reasonable terms with low prepayment penalties. In addition to the refinance we found a conventional lender who can refinance our loan once Owner completes and files this year’s tax returns.
Donut Franchise –$375,000- This business acquisition, which was referred by their Business Broker, was unable to get financing by their Bank because of a previous short sale, lack of management experience, and the fact that the location they wanted to buy was less than a year old. We were able to place them with a local bank that was OK with the one- time credit blemish, understood how solid the training is for this franchise, and knew the success rate of the Franchise.
Bed & Breakfast –$450,000- This business start-up, referred by a Commercial Lender at a bank, initially came in seeking a hard money loan. After reviewing their plan and financials we thought an SBA loan might be possible. Although all local Lenders we talked with passed on the deal we found an out of state SBA Lender that expressed and interest and quickly approved the loan.
Ice Cream Franchise. This business acquisition, referred by a local Architect, had been trying to buy a particular franchise location for over 20 years. When the opportunity finally arose they unfortunately had depleted their excess working capital on another project. We were able to structure their loan with a 30% owner’s 2nd, which enabled our Customers to purchase this wonderful business with very little down.
Line of Credit.
Real Estate Holding Company - $1.5 million – This real estate holding company owns and rents residential properties. They wanted to get a line of credit secured against these properties to acquire additional residential properties. Through our local resources we placed them with a small community Bank that loves these types of transactions. The Borrower received A+ pricing with reduced fees.
Cash Out Refinance
Church -$300,000 – Local Church was looking to refinance their loan and get cash out for needed repairs. Their Bank was not able to help because no one in the Congregation, with strong credit/net worth wanted to guarantee the loan. Their Banker referred the loan to us and we were able to find a Lender, with good pricing, who was OK with not requiring personal guarantees.
Veterinarian –$47,000- Veterinarian with a previously bankruptcy was in the need of an X-ray machine. Because of credit their Bank could not help. Their Banker referred them to The B.A. Fund. Within two days we were able to find them financing with a lease company that specializes in the medical field.
Equipment Cash Out Refinance
Paper Company– $650,000 - A Company with existing truck loans wanted to refinance their debt and also obtain $200,000 in working capital. Their current Bank did not like the collateral and passed on the deal. The Business owner’s friend, who is a Commercial Lender, referred him to us. Although local Banks that we contacted passed on the deal, we did find an out of state SBA Lender who approved this SBA loan at a rate of Prime +2.25%.
Merchant Service Loan
Construction Company -$30,000- A construction company that has been in existence for over 30+ years was in dire need of working capital. There was no equity in any of their real estate and their equipment was too old for any interested leasing company. In addition business losses over the last 3 years eliminated the ability to obtain any conventional loan. We were able to find great financing using a merchant service loan where future sales were used as collateral and only 5% of their future sales were used by the Lender until the loan was repaid.