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Closing of the Week!
Loan Amount: $1,723,000
The Story: THE BIG NEWS WITH THIS DEAL WAS IT WAS ALL BUSINESS LOAN-NO REAL ESTATE COLLATERAL! Most banks can not go above $500,000 in "goodwill" or "air-ball" meaning unless there is hard collateral, they can not go above $500,000. MANY BANKS CAN NOT CONSIDER AN UN-COLLATERALIZED LOAN REGARDLESS. We have a host of non-bank lenders that are NOT constrained by collateral. This borrower had retired, wanted to buy a business and start a new career. He spent months analyzing different businesses and landed on a Window Repair Company with great cash flow. The purchase price was $1.5 Million. HOW DID WE GET A LOAN FOR MORE THAN THE PURCHASE PRICE? SBA 7A. We added $350,000 of working capital-a MONSTER number and rolled in all closing costs plus expenses and took the project to $1,914,700. Borrower came with 10% or just $191,400 and we brought the rest. We did this with NO Origination POINTS. We closed it last Thursday.
So for $191,400 our borrower bought a business making over $600,000 a year AND got $350,000 BACK in working capital. Try that at ANY bank! We have money, we have lots of money. We can get loans done that banks can only dream about....why not give me a call? If you have a loan that needs to get closed, you owe it to yourself to give me a call. I will have terms out in writing typically in 48 hours. My team and I will work that loan until the closing. Big loans, small loans, SBA loans or private money loans, we do it all, give Karen a call at 512-354-5949 todayor get started by filling out this form!