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.
Loan Amount #1
$1,440,000
Loan Amount #2
$316,100
Loan Purpose
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.
Loan Scenario
Here's what our borrowers brought to Ready Capital
![](https://readycapital.com/wp-content/uploads/2023/01/joe-zlomek-zrb_TkHPVtE-unsplash-768x768.jpg)
Risk
The deal was unsecured.
![](https://readycapital.com/wp-content/uploads/2023/01/plumbing-truck-lien.jpg)
Moving parts
A fleet of 30 vehicles in need of appraisal for liens.
![plumbing company loan](https://readycapital.com/wp-content/uploads/2023/01/Slate_plumbing_fixtures_and_products_1922_14783771392.jpg)
Category challenge
A deal that was difficult to move forward as a business acquisition.
CREATIVE SOLUTION
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.
Reliable Results
- Locked in two separate SBA 7(a) loans for the borrower: $1,440,000 and $316,100.
- Covered a refinance of the borrower’s current property and vehicles.
- Delivered the deal done with 100% financing (no money down).
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.