Entrepreneur Uses a Cash Out on Industrial Warehouse Property to Set Up Auto Workshop
Background
An entrepreneur with 15 years of experience in the auto industry owns a two year old industrial warehouse in Pennsylvania, valued at $1,500, 000.
Financing Need
The entrepreneur needed $350, 000 to set up an auto workshop in Allen town, PA. The amount included $100, 000 for working capital and $250,000 for capital improvements cost and equipment purchases.
>Financing Solution
Biz2Credit reviewed the business needs as well as the personal financial statement of the entrepreneur. Based on the estimated value of the industrial warehouse, Biz2Credit recommended applying for a cash out on the industrial warehouse. A commercial loan would be cheaper and faster funding source than unsecured or equipment backed financing.
Results
- Received funding in 30 days
- Length of loan term set at 20 years
- Saved 2 percent on interest rate
Benefits
- Working capital access
- Longer loan term than equipment financing
- Lower monthly payments than equipment financing
- Flexibility to increase funding up to 80 percent of property value
An entrepreneur with 15 years of experience in the auto industry owns a two year old industrial warehouse in Pennsylvania, valued at $1,500, 000.
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