Fort Lauderdale, FL
A wonderful business broker that we work with sent us this loan, which spent NINE MONTHS trying to find a home amongst multiple lenders. An employee was attempting to purchase a successful charter boat business with its own boats, real estate, docks and boat slips in prime Fort Lauderdale. He was flush with experience… but tight on cash. Because of the challenges of the deal, these lenders tried to arrange the transaction, but no one could get it done. The broker was about to drop the deal — until he ran it by us.
Despite all of the challenges, we were able to secure the buyer a commitment letter within 45 days. We worked with the seller to arrange a combination asset purchase, including stock and cash. As specialists in SBA loans, we were also able to restructure the transaction to comply with SBA loan parameters, securing the best terms possible for our buyer by using a maximum $5 million SBA 7a loan.
What was the big takeaway? Since the buyer was an employee, he carried less risk because he already had experience in the business model and a better chance at success. Even though most underwriters would agree that the buyer didn’t have sufficient liquidity. In this case, they were afforded special consideration.
Bottom line: we connected the dots in ways that the other banks and lenders could not. Where they saw a wall, we found the ladder and got the loan across the finish line. Whether it’s a loan in the hundreds of thousands to the tens of millions — if there is a solution to be found, we will find it and close your loan with the best rates and terms possible (along with our white glove customer service!)