The Scoop:
$750,000 Mechanic Shop purchase is in jeopardy as clients banks will only lend 65% of the purchase price.
Clients have waived financing and are looking for 80% LTV mortgage financing for this special use property.
Timeline: 45 days until closing on the purchase
How Does SGE Financial help?
We consult with our extensive network of lenders to find a lender works well with owner occupied small businesses. We locate a lender willing to go up to 75% LTV, and then we propose a structure that includes leveraging the mechanical equipment including hoists, tools, pneumatic and technical equipment.
Based on our complete proposed structure, the lender provides $640,000 term financing, along with a $50,000 operating line of credit for working capital. This keeps the clients highly liquid to support the move and future growth.
