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DEAL OF THE WEEK - Herman Got Free!
This week I want to share the story of Herman (name changed for privacy) and how a closing helped free him up from financial bondage. This loan closed last week. By explaining this deal a little deeper, I think you can get some insights into what we are able to do here at Commercial Capital for you or your referrals......
$705,000 Stand Alone Subway Refinance-Cash Out!
We helped Herman buy this location in 2016, so he was a repeat client. Back then, he rented a location for his Subway but wanted to move it to a stand alone restaurant across the street on a better corner. We closed him on an SBA 7A loan and he moved his business. Then life happened. Another franchise that he had bought into went the wrong way and ultimately failed putting a huge financial strain on him. Rather than file bankruptcy, Herman fought through it. He continued building his restaurant and borrowing from some high interest rate sources to keep things moving. He called me in a cash crunch needing to get rid of the high cost debt quickly. His underlying Subway business was doing fine but the debt burden was so high, he was in bondage.
Luckily, he had real estate and the value of his property had gone up. He now had some equity. We refinanced all of his debt into one low interest rate loan and even got him $120,000 in cash at the closing. This refinance saved him a whopping $3833 a month! Wow! He got a nice cash bump! A lot of businesses get pinched on money at times and the cheap fast money options have grown so much, it is very tempting to use them just for a short time. But the payments and rates are always more draining than they expect and instead of getting freed up, they get deeper into bondage. I see it every day. If you or someone you know has fallen into this trap they are not alone. WE MAY BE ABLE TO HELP!
For Herman, he had equity in a building so getting one low rate with a long amortization was a no brainier. BUT WHAT IF YOU DON'T HAVE A BUILDING AND YOU HAVE FALLEN INTO THE HIGH COST DEBT TRAP? Well I may be able to STILL help you! We have non-bank lenders that can consolidate those high cost debts into a lower SBA rate on the 7A program WITH NO COLLATERAL! In fact, I close 2-3 of these a month. If you are stuck in high cost business debt, with or without a property, give me a call. I may be able to help you consolidate all of that into one low payment. Give me a call today at 512-354-5949 today or get started by filling out this form!
Commercial Capital, LTD
karenschimpf at gmail.com
P.S. I am a business owner myself and I know how even with good sales, debt structure can make things tight. Give me a call. It is quite possible I can figure out a way to consolidate and free you up. And if you have been denied or know someone who has been denied by a lender or bank, give me a call. We close 80% of the term sheets we issue so your chance of success is MUCH greater with us and usually, the rate is the same or better.
Give me a CALL TODAY at 512-354-5949 or get started by filling out this form!