The owner already had one thriving agency, which he owned for almost 20 years. The Agency was in his family for over 50 years and this was an important step to keep the growth process continuing. He only had a line-of-credit on his current agency and it made sense to include it in the loan.
1st Commercial lending was able to structure a 100% Financing loan with no pre-payment penalty at an attractive interest rate. The interest rate was locked in for the first 5 years and then will reset one time only for the remaining 5 years.
SBA 7(a) Insurance Agency 2nd location/book-of-business financing structured to include consolidation of his 1st Agency line-of-credit as well.
Loan Closed: 07/14/15
Contact one of our experienced Commercial Loan Advisors at (800) 341-6199