Childcare Business Building Updates
Loan Amount
$1,835,000
Loan Type
SBA 7a loanLoan Term
12 months for construction then a 25-year termReferral Source
Freeman Lundt associate
Summary
Find a loan for a buyer whose loan was declined at the eleventh hour to buy a new location and rehab its current building.
Subject
It was time for the childcare business to expand. The owner had found a new building at the right purchase price, but it needed some updates as did its current location.
Challenge
Since a member of the lender’s committee decided at the eleventh hour to decline the loan, the childcare center business owner needed a loan within 2 weeks or the seller would move on to a different buyer.
Outcome
Freeman Lundt used our extensive lender network and reputation for the high-quality deals we send to identify a lender willing to review the deal. Not only did the lender review the deal within a week, they approved it with its current structure. When the construction timeline did not match up with the real estate loan timeline, the lender worked with us to close the real estate deal first, working through the construction loan separately a few months later. Then we went above and beyond, guiding and coaching the client through finding a general contractor, architect and other vendors, setting the client up for long-term success.
