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Recently Funded Deal: Family Owned Motel

Recently Funded Deal: Family Owned Motel

The 504 Company helps refinance debt to keep a local business open

 

 

 

 

Situation:

  • A family-owned motel in Long Island, NY had previously obtained a commercial mortgage to purchase and renovate the property. The mortgage was set to mature and had a balloon payment.

  • A loan officer at a local bank recognized that the debt qualified for the 504 refinance program and contacted The 504 Company.

Solution:

  • The 504 Company provided a $2,756,000 loan to refinance the previously incurred debt as well as soft costs.

Impact:

  • The business avoided a balloon payment and drastically reduced its monthly debt service as a result of the 504 refinance.

  • This project promoted the welfare of minority-owned businesses by helping the company continue its operations.

Have a deal to discuss? Contact a loan officer today!

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