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Recently Funded Deal: Surf Shop

Recently Funded Deal: Surf Shop

The 504 Company makes it possible for a retail business to purchase a previously rented location

 

 

 

 Situation:

  • An established, multi-location surf and sports apparel retail store on Long Island had the option to purchase one of the facilities they were leasing. The borrower had previously used 504 financing to purchase their first building in 2012.

  • The partner bank, the borrower’s CPA, and the owner reached out to discuss financing for this new project.

Solution:

  • The 504 program was again a good fit for this business.

  • The company purchased the facility and used  $1,673,000 in 504 funding to finance the total project cost of $4,087,000, inclusive of real estate purchase and soft costs.

Impact:

  • The loan supported the continued growth of a business that employees 15 people at the purchased location and allowed the company to own their second facility. The loan will allow the company to continue to serve their specific clientele and locale and to also focus on growing their newly started e-commerce department.

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

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