Dry Suit Diapers
Need To Refinance Your Commercial Dry Cleaning Business
If you have a dry cleaning business, then you know firsthand what a competitive business it can generally be. To move ahead, you may regularly find yourself pondering refinancing your commercial dry cleaning business in order to purchase new or updated equipment, expand your operations, open or buy a second location, or maybe simply have some extra working capital on hand.
You will be glad to note that the Small Business Administration ( SBA ) is ready to help you when it comes to refinancing a commercial dry cleaning business.
According to an April 8, 2011 article on www.westfaironline.com, the Site of the Westchester County ( NY ) Business Book and Fairfield County ( CT ) Business Journal, the Small company Administration has implemented a brief refinancing program under the Small company Roles Act of 2010. Structured like the standard SBA 504 Loan, it typically contains three elements important to refinancing a commercial dry cleaning business : A first mortgage ( or loan ) secured from a bank or other non-public bank covering 1/2 the project cost ; a second mortgage secured by a junior lien by a SBA-certified development company ( which is backed by a debenture one hundred pc guaranteed by the SBA ) covering up to an additional 40 percent of the project cost ; and at least 10% from the businessperson wanting to refinance a commercial dry cleaning business. Thusly, they are able to borrow up to 90 p.c of the loan-to-value ( LTV ) of the real property of the dry cleaning business.
As the programme was originally designed, if an owner had a commercial real estate mortgage or balloon payment maturing on or before December 31, 2012 to refinance a commercial dry cleaning business with an SBA 504 Programme loan. The SBA has since then lifted that date restriction, to make the programme available to more businesspeople, including those desiring to refinance a dry cleaning operation. According to SBA officers, it is estimated that as many as twenty thousand businesses countrywide will be able to exploit the SBA 504 Programme in 2011 and 2012, including many business owners who need to refinance their dry cleaning store.
Another factor behind the choice to abolish the date limitations on this programme was the mortgage collapse and the resulting real estate crunch. One of the goals is to help small businesses avoid going into foreclosure on mortgages signed before the recession hit, back in the days of overinflated real estate values.
According to SBA Administrator Karen Mills, who said in a press release, “With the breakdown of the real estate bubble, many small-business owners have finished up unable to refinance as a consequence of inflated real estate values at the time they took out their mortgage.” Dry cleaners are no exception. This is the break that those wanting refinancing a dry cleaning business have been attempting to find.
This is where Venture Funding Group and their FAST TRACK programme come in.
Venture Funding Group is an expert when it comes to working with the Small company Administration to help entrepreneurs secure the funding they need for refinancing a commercial dry cleaning business.
Why run around in circles dealing immediately with bankers or the SBA? Venture Funding Group knows how to streamline the entire process and get things done concerning refinancing a dry cleaning operation.
Under the SBA 504 Programme, owners of dry cleaning stores can refinance a commercial building loan with a lower standard payment, at lower interest, and with less private risk with a ninety percent LTV. This 90% LTV program from the SBA will help you to find financing even with lower credit ratings.
To learn more, click on www.thesbaloan.com now for positively free consultation and advice. Or call us at 1-800-578-4884.
Ladies, remove your diapers!
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This entry was posted on Friday, April 2nd, 2010 at 5:40 pm and is filed under General. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.