|Valley View Landscaping - AZ's 1st REFI!|
Business Development Finance Corporation
Closes Arizona’s First SBA 504 Refinance
Arizona business faces a maturing balloon note…
Valley View Landscaping owners - Kevin and Linda Lott - were facing a rapidly approaching balloon payment on their commercial real estate loan. Their existing lender had extended the original term by 12 months - but over the last year the Lott’s had worried and wondered how they were going to obtain the long term solution they really needed to refinance their existing maturing debt.
Valley View Landscaping - full service, proven professionals
Founded in 1992, Valley View Landscaping specializes in full-service, commercial maintenance; and residential and commercial design and landscape installation.
BDFC, RepublicBankAz, and Appreciation Incorporated, team up with a SBA solution!
After several ultimately unsuccessful attempts with other lenders, Kevin and Linda contacted commercial loan broker Steve Southern from Appreciation Incorporated. Steve recommended Dave McMillan of Business Development Finance Corporation (BDFC). Dave determined that Valley View Landscaping was eligible for BDFC’s new SBA 504 Temporary Debt Refinancing program and contacted Cody Cardon of RepublicBankAz as BDFC’s lending partner in the transaction.
SBA 504 Temporary Debt Refinancing Program saves customer 23%!
The 2010 Small Business Jobs Act established the SBA 504 Temporary Debt Refinancing program, a perfect fit for the long term, cost effective financing solution Kevin and Linda were seeking. RepublicBankAz provided the Lott’s with a 25 year, fully amortized first position loan, and BDFC provided a 20 year, fully amortized subordinate loan with a 90% CLTV. Kevin and Linda were able to obtain a low, blended, fixed interest rate, and realized a yearly savings of 23% with virtually no out of pocket expense.
What did the owners say?
Owner Kevin Lott said: “Thanks to Cody and his associates at RepublicBankAz, Dave with BDFC, and Steve from Appreciation Incorporated; we no longer have the stress of a looming balloon payment. We can now focus on the growth of our business, and continue providing the outstanding quality and service our clients are accustomed to.” Problem solved!