All Funding Options (AFO) recently helped these companies secure financing:
Refinance existing daycare with cash out and SBA 504 loan for new construction of another daycare – The owner of an existing daycare lived part time in the area and also in Puerto Rico working with municipalities on a consulting basis. His existing daycare was only in operation for 3 years and only showed a profit the last year. YTD 6 months was profitable. He showed a large loss the prior year in his consulting business due to the hurricane that hit Puerto Rico and had outstanding receivables owed to him. He was wanting to refinance the existing SBA7A daycare loan for a lower rate and to get a cash out for the 10% down payment needed for a new SBA 504 loan to build another daycare across the street for expansion. So we were looking for 2 loans with total loan amount of $3,825,000. This was a challenging request – some banks could refi the existing daycare but couldn’t give him the cash out. Other banks could approve the new construction of another daycare but he needed the down payment monies. Finally AFO was able to find a bank that could finance both loans. The first was approved for a conventional loan giving him the 10% cash out at a lower fixed rate and then the 2nd approved for the SBA 504.
Commercial Real Estate Purchase – A customer that lived and was partners in a company in Hawaii also had a house here in the area was looking to purchase a commecial building i/a/o $980,000 so that he could work out of it when he was in town. AFO was able to find him a bank that could approve him for a conventional loan at a 80% LTV. This property was located in an opportunity zone.
Line of Credit – A customer owned a commercial property free and clear here that was vacant and up for sale. He lived and worked in New York. He was looking for a Line of Credit against the equity so that he could purchase another property up there. AFO was able to find a local bank that could approve him for that line of credit in the amount of $250,000 which was at a 55% LTV.
Loan to purchase existing restaurant business – A customer wanted to purchase an existing restaurant business. A bank had declined her and she needed to close quickly to meet the contract deadline. AFO was able to find a bank that could approve her for a SBA 7A loan i/a/o $552,000 at a fixed rate and close within the 4 weeks before her deadline.
Refinance seller note with small cash out – An owner of a specialty feed store located in Riverview was looking to refinance a private note that was maturing in August for $ 300k. He also was looking to get some additional monies for some expansion to his existing building. AFO was able to find a bank that approved him for a fixed 5 year rate, 10 year term and 20 year amortization on a 70% LTV.
Account Receivable Factoring – A distributor of biodegradable products was awarded some large contracts that had payment terms of 45 days and would be creating cash flow issues because of the amounts and terms. AFO was able to find a company that was able to factor those invoices. They could not get approved for a bank line of credit since they did not have sufficient net income to support the line amount that they needed.
Please keep us in mind with any of your customers that are in need of any type of financing either through a bank or an alternative lender. We know how to structure the deal to find them the financing they need and negotiate the best rates and terms. We save your customers the time and effort in having to go through the process and it usually doesn’t cost them any additional monies in working with us!