Biz2Credit Helps PA Gas Station Owner with New Acquisition
For Arshad Sayed, owner of Nepa Trading, there was no question what lender he would turn to when seeking financing for a real estate acquisition.
"I own several gas stations, and have received businesses advances through Biz2Credit in the past," says the Pennsylvania-based small business owner. "When the opportunity to purchase an additional gas station in South Carolina presented itself, I knew where to turn for real estate financing."
Sayed, a Biz2Credit client for over five years, needed to make an immediate and time-bound decision to take advantage of the acquisition opportunity. Having reached out to traditional sources such as banks and learning that the turnaround time would have taken too long, Sayed called up Shawn Cournoyer, Real Estate expert at Biz2Credit.
"The purchase price of the gas station was approximately 3MM," says Cournoyer. "We were able to fund 85% of the purchase price, including the inventory, on a 12 month CRE bridge loan."
"I didn't want to stay in a contract with a bank for months," says Sayed. "Speed was certainly the challenge, and that is exactly what Biz2Credit was able to deliver on. The CRE bridge loan just made sense."
Happy with the outcome, Sayed has additional acquisitions lined up for 2017. "I have already turned to Biz2Credit for these transactions, knowing that they will be completed on my behalf as swiftly and timely as possible."