$6.4 Million Refinance of Office/Warehouse space

Posted by in Commercial Real Estate, Recent Closings

This client owns a company that does in excess of $70 million a year in sales. A millionaire many times over with his own private jets (yes, plural).  Yet, because sales had declined in the last two years and, the size of the loan was over $5 million, the local banks would not touch.  He had just secured some contracts that would add $20 million in sales and, needed to get a line of credit to allow him to meet the demand.  His current bank loved the client and, wanted to extend the line but, because they already had $6 million in loans out to the client, they could not extend any more debt – this is a new reality in the regulatory environment these banks are in.  We refinanced the $6 million dollars off their books which allowed the bank to extend the $3 million to the client.  The bank reduced their exposure from $6 million to $3 Million and did not lose the clients deposits since in most cases, we do NOT require a deposit relationship on our loans. The client got the money he needed to keep expanding his business and, the rate we gave him?  5.1% fixed for 5 years. Our rates are as good as anyone but, we don’t just quote – we close! To Close your next loan, call Brian Peart today at 866-355-1244