$2.25 MM SBA Loan for Commercial Acquisition of Manufacturing Plant
$2.25 MM SBA Loan for Commercial Acquisition of Manufacturing Plant
“We had a great experience working with Jeff Sherry and his team at 44. We talked to several lending institutions that lost interest as we explained the deal. Jeff set up a face-to-face meeting where we explained our goals for the project. We were able to obtain financing on the building in a timely manner, which was great timing considering we were three businesses and the property had to be evaluated. Our new space is allowing us to reduce our overhead, making us more competitive.”
Fran Mallee, PresidentCompression, Components and Service, LLC | Warrington, PA
CHALLENGE
A group of entrepreneurs was seeking to purchase commercial real estate with more space to house their three respective manufacturing operations. Combining the operations allowed them to take advantage of redundant resources and be better positioned for industry demand by cross-training engineering and assembly personnel. Banks were hesitant to extend financing since the real estate was the first transaction in a newly established industrial condominium complex. The deal was complex because three separate businesses would be moving into the space each wanting to contribute a 10% down payment as not to deplete working capital. 44 Business Capital was able to accommodate 90% of the financing through an SBA 7a loan.
