| Date: |
August 25, 2020 |
| Title: |
$495K 2nd Location Acquisition |
| Practice Type: |
Insurance Agency |
| Loan Terms: |
$495K INSURANCE AGENCY ACQUISITION 2ND LOCATION, 100% FINANCING, %4.875, 7-YEAR TERM. 2 3.5 YEAR FIXED PERIODS.(FHLLB rate + 3.50%) |
| Scenario: |
A successful Insurance Agency Owner was looking to purchase a second location. He already had financing fall through and became frustrated with the process. That's when he decided to contact 1st Commercial Lending and see if there were any financing options he has not yet explored.
Due to the fact that the 1st Location was a captive agency, the owner was having a difficult time getting an SBA loan. He was told that this was his only way to purchase a second agency. He decided to contact 1st Commercial lending anyway.
To his surprise, 1st Commercial got him approved for a Conventional loan at a much better rate then the SBA loan he was denied from. On top of that he was also able to get additional working capital for marketing and transitional purposes.
100% Conventional Insurance Agency 2nd location Financing Structured to include working capital for marketing & future growth. |
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