An entrepreneur runs a car service company in Long Island, New York. The company has a $100,000 line of credit from a bank.
The owner wanted to relocate the office and rapidly expand the fleet of high-end vehicles and limousines. Hoping to reduce parking expenses, the owner found a building in New York City with ample parking facilities for $1,000,000. The owner needed an additional $150,000 to expand the business.
Biz2Credit reviewed the business and personal financials and recommended purchasing the new facility as a personal real estate investment. In doing so the owner would realize substantial gains over his previous parking and office arrangement in Long Island. Located near midtown Manhattan, the property included two family living spaces, mixed use office space, and parking for over 30 cars. The facility would generate rental income for the owner and reduce business expenses for parking and office space. The increased profitability strengthened the case for an additional line of credit. Biz2Credit structured a deal with the new lender to take a second lien on the newly purchased commercial facility.
Biz2Credit structured a deal with the new lender to take a second lien on the newly purchased commercial facility.
"Biz2Credit was the biggest, biggest part of my success here. Biz2Credit came in like a lifesaver," she said
"I'd give Biz2Credit a 15 out of 10. Joe, my funding specialist, does a great job. He's always on point and really understands my business. Every time I've worked with him he's come through for me in a big way
"The turnaround time for funding was quick with Biz2Credit," Raza told us. "As soon as they got our information we had a decision - there was no waiting period like I experienced with other lenders."
Raza and David Bolos