Recently Funded Deal: Funeral Home
Situation: The owner of a longstanding funeral home in Northern New Jersey was looking to sell the business as he transitioned into retirement. An employee of the funeral home, who has extensive experience in the industry, agreed to purchase the business as well as the two properties under its ownership.
- TD Bank worked with the prospective owner to purchase the current owner’s stock in the business through an SBA 7(a) loan.
- TD Bank partnered with The 504 Company to provide $1.4 million in financing to purchase the funeral home’s two buildings and to cover professional fees.
- By transferring ownership, the business was able to stay in the community where its been a staple since 1959.
- The project met a public policy goal of lending to a business with a written revitalization plan, as both locations are located in the Smart Zone of the State of New Jersey.