Commerical Loan Details


Date: December 11, 2014
Title: $450K Insurance Agency Debt Consolidation
Practice Type: Insurance Agency
Loan Terms: $450K INSURANCE AGENCY DEBT CONSOLIDATION, 6.00% (PRIME + 2.75), 10-YEAR TERM

Scenario: Scenario: A successful insurance agency owner was looking to refinance his current business loan due to the high interest rate. He had purchased the Agency in 2012. The business was very successful but he was looking for ways to increase cash flow.

The owner approached 1st Commercial Lending to consolidate his current loan and a seller note that the he had with the previous owner. Both of his loans had high rates and he wanted to pay off the seller note in full. 1st Commercial lending was able to structure a loan to consolidate both loans along with additional working capital the owner had requested for future marketing. The new monthly payments were over $2,000 less then his current payments.

SBA 7(a) Insurance Agency Financing Structured with $25K in working capital for marketing & future growth.

Loan Proposal Issued: 12/11/14

   

 


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