Recently Funded Deal: Family Owned Motel
The 504 Company helps refinance debt to keep a local business open
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.
The 504 Company provided a $2,756,000 loan to refinance the previously incurred debt as well as soft costs.
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!