Retail Hardware Franchise Chain Store
Loan Amount
$5,861,500
Loan Type
Combination of SBA 7a, and conventional bank financing (pari passu)Loan Term
10 yearsReferral Source
Repeat Customer
Summary
Find financing to acquire a new storefront.
Subject
The owner of the hardware store was retiring, and a new group needed financing to acquire it.
Challenge
The buyers were tapped out of SBA funds and needed an acquisition loan, which can be challenging to obtain without an SBA guarantee on the loan for this type of transaction.
Outcome
Freeman Lundt was not dissuaded by the difficulty of obtaining SBA loans under these challenging circumstances. After researching new policies that made getting additional SBA funds possible for the buyer, we found a lender that directly underwrote the new SBA policy rule and gave the buyer the loan to complete the acquisition of the new store.
