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$2,260,000 SBA Loan makes Buying Dad's Long Beach Island Restaurants a Reality

"As first time business purchasers we were navigating a very confusing world of banks and offers and program options, until we were introduced to Michael Hahn with 44 Business Capital. We clicked with him immediately as he made the entire process very clear and outlined our options in a very direct approach. We worked with several other banks simultaneously to attempt to find the best offer, and the customer experience, level of expertise and trust we felt from 44 was just a complete cut above the rest. They also offered us the most feasible loan structure, creatively approving a unique seller's hold all while anticipating and connecting all of the SBA dots for us and our team. Mike was available nearly 24 hours a day for our questions and documents, as was his closing team. The deal closed from start to finish in under 90 days, to the disbelief of even our title company. It was the most rewarding banking experience we have ever had, and provided us exactly what we need to be successful with our new venture."

Toby and Michael Sweeney
Terrace Tavern & Delaware Avenue Oyster House |Long Beach Island, NJ

CHALLENGE

Toby Sweeney's dream was to purchase her father's restaurant businesses in Long Beach Island and take them to the next level. She was in need of a lender that could aggressively structure a leveraged business acquisition and provide working capital to assist in weathering the off season and fund the necessary expansion & upgrades to the businesses. 44 Business Capital was successful in providing a long term, 25 year loan with a +125% LTV to achieve their goal of keeping Terrace Tavern and Delaware Avenue Oyster House restaurants in the family.