John Kim Financial has secured a 100% purchase money of $1.15M and closed a $1.2M loan to pay all project costs in May 2016 for a C-store operator from Cumming, Georgia.
A 5,000 sq.ft C-store is located at a historic town and has served grocery, food and gas to local residents for more than 50 years. When this operator took over a store 8 years ago, the property was contaminated and needed a cleaning. This operator has paid more than $8,000.00 rent each month and all expense costing almost $12,000 a year for past 8 years.
When the property was cleared early this year, the landlord and this tenant operator agreed upon a property sale for $1.15M. An C-store operator wanted to spend no cash for the purchase this time and approached local lenders but could not get all fund.
We suggested a SBA loan programs to our client to fund all money using existing business assets. With 25 year term and a competitive rate with no cash injection, this client can save more than $2,000 each month for the space as it continues running the business on its own property.
Should you have any question on our SBA lending, feel free to email to johnkimfinancial@gmail.com
JohnKim Financial 