Aloft Capital Advisors is pleased to announce this latest closed transaction. We recently closed a loan for a company in the Raleigh, NC area to move their operation to a larger facility. The new facility was a perfect size, location, and fit for this granite countertop fabrication and installation business. The company’s owners had been looking for a suitable location to buy for over 2 years, when they found this property right around the corner from their current operation. However, when they approached a couple of local banks they were denied the loan, mostly due to a couple of blemishes on the principal’s credit report.
The buyer’s commercial real estate broker is also a great friend to Aloft and contacted us to see if we could help. The realtor knows of our ability to find alternative financing sources when the borrower is having trouble finding that loan themselves. We set up a quick conference call for the next day and we were off and running to help these great clients fulfill this dream purchase.
As you can imagine, there were several lenders who were concerned by the credit score, but these clients were so great to work with and we were eager to help them find the proper financing. The lender did a masterful job of sizing up the deal quickly and communicating their terms and expectations efficiently.
While we all know that interest rates are currently higher than anyone would like, this borrower understands the potential to refinance this loan down the road, but after 2 years of searching did not want to miss this purchase opportunity. Ultimately, the closing was smooth, and we have another satisfied client!
Thanks to a very responsive partnership between borrower, lender, realtor, attorney, processor, closer and consultants, this loan closed just 49 days after the initial introduction! That is an unheard-of turnaround time for an SBA 7(a) real estate loan. Thank you to our tremendous partners for making this transaction a reality!
Quick closing on SBA 7(a) loan!