$1.4 Million refinance and partner buy out of convenience store/gas station

Posted by in Brian's Blog, Commercial Real Estate, Recent Closings

Where: Delaware

Type: The borrower had to consolidate debt and wanted to pay off a partner.  The problem with the loan was the real property only appraised at $1.4 million so they needed to get a loan at essentially 100% of real estate value for what many banks considered a cash out loan.  So you had a high LTV cash out gas station loan-brutal!  We got them about $150,000 more cash to pay off the partner then anywhere else they went and got them an excellent SBA rate.  The Borrower was very happy and said, “thanks so much for all your help through the process! Now I can go back to doing what I do best, running my store”.  If you need cash out or to buy out a partner, we have the resources to make it happen! Call Brian today at 866-355-1244!