Resourceful Borrower Purchases a New Space to Grow
Learn how a successful international sourcing company was able to purchase the perfect property on a tight timeline in order to expand operations.
Loan Amount
$3,244,500
Loan Purpose
The Small Business
Strategic Sourcing International | Farmers Branch, TX
The Financing Challenge
A trusted client had an opportunity to purchase a new property that would help his business expand. His company provides sourcing for large international companies. He overcame financial challenges in 2020 and quickly turned things around. With a high-growth business, he needed more warehouse space. Everything on the market was incredibly expensive until they found the perfect space. The property had been significantly damaged in a fire and needed major renovations, which made the purchase price more desirable to our borrower. Usually repairs of this caliber are extremely pricey, but since our borrower has a sourcing business, he was able to source many of the key components needed to make improvements of the property. We were met with a tight timeline to execute, so we made the decision to split this deal into two loans. The first included the purchase of the building so we could secure the property quickly and the second was for renovations. The second loan took slightly longer given that permits were involved with the building improvements.
SBA 7(a) Loan Scenario
Here's what our borrower brought to Ready Capital
Tight Timeline
Tight timeline to close the purchase of the property.
Collateral Shortfall
A lack of substantial collateral.
A Bright Future
Strong business growth and future projections.
CREATIVE SOLUTION
Reliable Results
- The borrower was able to get a great deal on the perfect property as well as use their company resources to renovate within their budget.
- The purchase of the property was smooth and well within their timeline.
- The borrower was very happy with the execution of their loans, is loving their new space, and has referred clients to us based on his success story.
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.