Commerical Loan Details


Date: September 17, 2014
Title: $750K Insurance Agency Acquisition
Practice Type: Insurance Agency
Loan Terms: $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

   

 


Quick Quote

Property / Biz:
Purpose:
Name:
Phone:
Email:
State:
Time to Call:


1CL Advantages


  48 Hour Loan Proposals
  Common Sense Underwriting
  Streamlined Closing Process
  No Up-Front or APP Fees Ever!