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Monthly Archives

February 2021

What's Closing Now

$1,620,000 – Business and CRE Purchase

Phoenix, AZ & Salt Lake City, UT

This client was looking to purchase a competitor’s 30-year old, privately-owned home hospice care and staffing company AND its commercial real estate in 2 different states (from its original founder/owner).

However, the business he wanted to acquire was losing money in EBITDA for the 3rd year in a row. Thus, even the seller’s own specialist and business broker said the acquisition could not be done with any commercial loan. However, the buyer saw that its true value was in the fact that it had a large market share and owned its own commercial buildings — and we saw that too.

At first glance, this would seem like a counterintuitive investment. However, the forecasted revenues on a pro forma showed that once the business was controlled by new management, profits would DOUBLE in Year One, post-closing.

Our careful review showed that the acquisition was loaded with owner discretionary expenditures (as many closely held companies are). Once these expenditures were accounted for and removed, the commercial real estate, stable cash flow and good credit of the borrower and its principals made for a sensible loan. We we able to close the transaction with a single loan that covered both the business and its multiple properties.

Archive, Refinance, What's Closing Now

$1,846,000 – Conventional Refi – Dental Office

Brandon, FL

This 20-year practicing dentist thought that he finally found his dream office! The bank was all too happy to bury him in a 5-year senior mortgage, with a 5% per year prepayment penalty — and they promised to fund the necessary renovations to convert the office from a chiropractic office to a dental practice. Then one day, they said, “Whoops, we can’t do that.”

After a year of agonizing over his lost dream, he called ComCapFL on the advice of another dentist and good friend.

The bank made it tricky, but after great effort, petitioning the SBA and mountains of paperwork — we were able to CLOSE on a Refinance Loan with enough money for the building renovations and its new equipment. Thanks to our team of think-outside-the-box specialists, his dream practice can become a reality!

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