Commerical Loan Details

Date: June 29, 2019
Title: $740K Insurance Agency 2nd Location Acquisition
Practice Type: Insurance Agency
Loan Terms: $740K INSURANCE AGENCY ACQUISITION 2ND LOCATION, 100% Financing, 5.50% (PRIME + 2.25), 10-YEAR TERM

Scenario: A successful Insurance Agency owner was looking to purchase a second location approximately 40 miles away from his current location. He already had financing fall through one time and became frustrated with the process. He decided to contact 1st Commercial Lending when he heard about our financing options.

The owner already had one thriving agency, which he purchased 8 years ago. He had two years left on his current loan, which was at a high interest rate. He was now looking to expand by acquiring a second location.

1st Commercial lending was able to structure a 100% Financing loan with no pre-payment penalty at an attractive interest rate. The loan on the first Agency was paid off and included in the financing. His new loan payment for both Agencies was not much higher then his original loan for just one Agency.

SBA 7(a) Insurance Agency 2nd location Financing Structured to include consolidation of his 1st Agency loan along with $15K in working capital for marketing & future growth.

Loan Closed: 06/29/15



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