Caring Shepherd Home Health Agency in Long Island, NY
From underwriting submission to closing table in close to 45 days
Opening a local storefront for her home healthcare business was a major feat for this New York City nurse and owner.
Loan Amount
$699,100
Loan Purpose
The Small Business
Caring Shepherd HHC Agency, LLC
Baldwin, NY
The Financing Challenge
Michele Eliassaint had been a home health nurse for over 20 years. The small business she established, Caring Shepherd HHC Agency LLC, is a full-service Home Health Care Agency that provides care to patients with all types of medical conditions, such as home care for post-surgery individuals diagnosed with long-term (typically life-long) illnesses.
Michelle wanted to establish retail presence in a post-COVID environment so that current, future, and walk-in clients had a physical location to visit. But the road to a closed deal was filled with bumps and detours for this first-time SBA borrower.
SBA 7(a) Loan Scenario
Here's what our borrower brought to Ready Capital
Deep experience in her industry
Multiple decades of on-the-ground care prepared her well for ownership.
An extremely tight deadline
Originally scoped for less than 60 days to close for a CRE purchase.
Initial increase in down payment required
Loan required approximately $30,000 additional down payment to fully secure the loan.
CREATIVE SOLUTION
The BDO called the seller’s attorney directly to discuss a plan of action. Ready Capital did not want anyone to waste earnest money or any of the time and resources already invested. Taking the lead on communication and delegation on the project, Ready Capital was able to get the deal over the finish line.
Reliable Results
- Able to move the deal from delayed to underwriting within two weeks, and from underwriting to closing within about 30 days.
- Locked in $699,100 of SBA financing for commercial real estate acquisition, SBA guaranty fee, and other expenses.
- With a higher CRE appraisal value, Ready Capital was able to minimize the down payment requirement and avoid placing a lien on any secondary property.
The Non-Bank SBA Preferred Lender Difference
A small business loan is not an empty box like a checking or savings account. No two small businesses are alike when it comes to their financing needs. This means that small business financing requires out-of-the-box thinking and capabilities many banks simply can’t offer.
Ready Capital is a non-bank, SBA preferred lending partner (PLP). We speak fluent small business and have the process in place to help them reach their goals the first time.