Recently Funded Deal: HVAC Contracting Company
The 504 Company provides a second 504 loan to support an expanding business.
- The owners of a HVAC company, who had previously obtained a loan from The 504 Company, sold the location they owned in order to buy out a partner. After relocating and working out of a small, leased space for a number of years, the remaining owners sought to purchase new commercial property.
- In addition, the company was experiencing a 6% increase in service contracts, and needed more space for new hires and increased quantities of equipment and material.
- The owners found a 3,400+ square foot property and The 504 Company funded 40% of the $1.1 million project, which included the property purchase and soft costs.
- The new property is well-suited to meet the growing company’s needs and includes increased storage space, parking for company vehicles, and easy access for loading and unloading.
- The project will result in the creation of 8 new full-time positions within 2 years.
- The new property is just 20 minutes away from the old location, allowing the 16 year-old business to continue serving its customer base.
- The company anticipates increasing revenues by at least $2 million this year.
Have a deal to discuss? Contact a loan officer today.