$1.35 Million Secured for Partner Buy-Out in South Amboy Bus Mechanic Business
At Progress Capital our core mission is to match our clients with the right lender, leveraging their existing assets to secure the right type and amount of capital to continue growing their commercial real estate portfolios, execute renovations or recapture equity for an alternate purpose. However, we also work closely with clients whose primary business is not in CRE ownership but rather a different industry wherein they have purchased their said business locale but do not intend to own more commercial real estate.
One such client, 50% owner in a Monmouth County bus collision and repair center, approached Progress Capital to ascertain financing for the current debt free property at which the business currently operates. The property, a 25,000 SF industrial facility operating as a collision and repair shop for over 50 years, also includes a 3-story single family home and extra-large parking area on 5 acres. The single-family home to date has been historically offered to existing employees of the business rent-free, while the extra parking generates rental income housing local school, charter and community buses while out of service.
Progress Capital was able to negotiate $1,350,000, representing a 70% loan to value on the
Additional terms of this loan include:
- 94% Fixed for 5 Years
- Rate Reset at FHLBB +2.43%
- No Prepayment Penalty
- 25 Year Term
- 25 Year Amortization
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