Arizona company foresees tremendous benefits of lower interest rates
Small business owners, Seton and Debbie Claggett of TriSports.com, knew they had an opportunity to save a significant amount of money by taking advantage of historically low commercial interest rates. With this in mind along with a desire to expedite the pay-off of their business debt, the Claggetts sought out financial advice to help with their decision to refinance their existing business loans.
TriSports.com – full-service triathlon equipment and support, with unparalleled customer service
While training for his first Ironman Triathlon in 1999, Seton had a hard time finding a local source for the equipment he needed. Recognizing this need, the Claggetts turned their passion for their hobby into a unique, online triathlon retail store with a superior customer service ethic. With Seton's background in triathlons and Debbie's keen understanding of how to provide a great customer experience, TriSports.com has been THE source for triathletes since 2000.
BDFC and Bank of the West team up with a SBA solution!
Through the triathlon circuit, Seton and Debbie met Dave Newsom, a Commercial Lending Relationship Manager at Bank of the West. Dave recommended Gabriel Gomez of Business Development Finance Corporation as a lending partner who determined that TriSports.com was eligible for BDFC’s new SBA 504 Temporary Debt Refinancing program.
The NEW SBA 504 Debt Refinancing Program
The 2010 Small Business Jobs Act established the SBA 504 Refinancing program. With an allowable 90% CLTV, shorter term options, and historically low interest rates, this program was the perfect solution for the Claggetts. Bank of the West provided a 15 year, fully amortized first position loan, and BDFC provided a 10 year, fully amortized subordinate loan with a 90% CLTV. The SBA 504 Refi program allowed the Claggetts to refinance their commercial real estate debt, lower the interest rate, and lower the term of the debt, resulting in a long-term savings of over $3.3 million dollars in interest!
What did the customer say? Owners Seton and Debbie Claggett said: “Thanks to Gabriel of BDFC and Dave at Bank of the West, the savings realized from the SBA 504 Refinance program will enable us to start planning for another TriSports.com location!”
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