$750K INSURANCE AGENCY ACQUISITION, 6.00% (PRIME + 2.75), 10-YEAR TERM
Scenario:
Scenario: An employee at a successful Insurance Agency was looking to purchase the business from the owner who was getting ready to retire. The employee was having an issue finding financing because of a previous credit issues he had in the past.
The buyer approached 1st Commercial Lending figuring that we would not be able to help him since he was already denied from a different institution. At 1st Commercial we found out the details of the past credit issues and noticed that the buyer has restored his credit. We believed the buyer would make a great owner since he already worked at the business for 3 years and had relationships with many of the clients.
1st Commercial lending was able to structure a loan to purchase the agency along with $50K working capital