Small Business Spotlight
Small business refinance & expansion with a fleet of liens
The complexities of a plumbing company’s deal almost prevented a major milestone.
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The Small Business
A Plumbing Company
Long Island City, New York City
The Financing Challenge
The owner of a plumbing company in Long Island City was ready for a major career milestone: purchasing his competition’s business. The goal was a small business loan for acquisition and an equipment refinance. But getting there was anything but simple.
Here's what our borrowers brought to Ready Capital
The deal was unsecured.
A fleet of 30 vehicles in need of appraisal for liens.
A deal that was difficult to move forward as a business acquisition.
Ready Capital met the complexity of the deal with constant follow-up. They decided to treat the borrower’s case as an expansion as opposed to an acquisition, making a successful deal possible.
The Non-Bank SBA Preferred Lending Partner 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 don’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.