Small Business Loan
Some clients have very unique business loan needs that you are not able to meet. From financing working capital to acquiring real estate—Ready Capital’s team works with you to customize the best program fit and loan terms. As a non-bank, SBA Preferred Lender, our more flexible lending box will help you get more closings. We offer easy referral, prompt eligibility screening, and fast term sheets. We pride ourselves on delivering a fast, consultative, and transparent borrower experience.
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Executive Summary
A borrower came to Ready Capital with a dream: He’d been a part-time worker at a hotel in Trevose, Pennsylvania in his youth, but he had his sights set on becoming a hotel owner. Now a successful business owner with one hotel already in his commercial real estate portfolio, he wanted to purchase the hotel he’d once worked at.
But SBA lending alone came up short:
- The borrower needed $6 million but was able to get only $4.4 million from an SBA 7(a) loan.
- Pari Passu could be an excellent solution, but many lenders (particularly traditional banks) don’t offer it.
Having already worked with Ready Capital, the borrower didn’t hesitate to reach out to us. Among other aspects, we considered the borrower’s extensive knowledge of the market areas and the subject property itself.
Creative Solution
Reliable Results
- The $1.8 million Pari Passu loan, paired with the buyer’s SBA 7(a) loan, brought a total of $6.2 million for the $10 million acquisition.
- Enabled the former part-time worker to become the owner of the 111-room franchised hotel business.
- The financing covered closing costs and SBA fee.