$1.3 Million SBA Loan Brings Family Vision from Concept to Reality
What started as just a vision and college thesis for William Wolfson is now quickly becoming a reality for he and his family. At just 25, Wolfson wrote his MBA thesis predicated on his idea to capitalize on his family’s law enforcement background and open a state-of-the-art, year-round, eco-friendly, climate controlled shooting range, training facility and retail store run by former law enforcement officials – the first of its kind in NJ.
William partnered with 3 family members; David Wolfson – currently Chief of Police for Margate City, Joseph Wolfson – 1/3 owner of development company J& M Land Co. and William Fritz – recently retired as Captain of the Margate City Police Department, to form Range 129 LLC. Having previously identified a void in the market, Range 129 aims to attract a wide range of clientele, including those who want to learn about gun safety, enthusiasts and active duty law enforcement officials.
“We hope that our business will shed light on the benefits of gun safety in times of economic and social upset. By teaching gun safety properly, we hope to ensure that people will not abuse firearms and put an end to the bad connotation associated with firearms and gun safety,” said William Wolfson.
Together, William and his family approached Progress Capital to discuss financing options for a construction to permanent loan to complete Phase I of the new 15,000 SF owner-occupied facility. With Range 129 being a new business, Progress Capital suggested using a Small Business Administration backed loan to best leverage the borrower’s liquidity and assets to maximize loan proceeds. SBA loans are the perfect choice for start-ups and new businesses seeking capital with little to no prior business experience or operating history.
With SBA guaranteeing up to 75% of the principle for the lender, lenders tend to be more flexible in approving loans for borrowers with no history of successfully operating a business. To that end, Progress Capital secured $1,300,000, a 64% loan to cost, construction to permanent loan bringing Wolfson’s vision to reality.
Additional terms of this loan include:
- Prime +1.75%
- 25 Year Term
- 25 Year Amortization
- Declining Pre-Pay
Progress Capital is a commercial real estate advisory company serving clients since 1990. With over $40 Billion in closed loans and $150 Million of directly funded bridge loans, we will get you to the closing table… Plain and Simple. #thatsProgress