Deal Narrative
This business received a 7A Commerical loan solution from Two Smith Capital, to gain working capital. The use of proceeds was for an expansion of their business. They have been deemed creditworthy by SBA banks and their gross income did exceed $450,000.
Loan Product:
7A Comm Loan
Two Smith Product Clients:
Single Loan Product
Business Industry:
Liquor Sales
Business Naics Code:
454390
Adjusted Business Gross Revenue 2021
$6.4 Million
Loan Terms:
10 Years (120 months)
Rate: Wall Street Journal Prime Rate (Variable) + 2.75%
Prepayment Penalty: NONE
Collateral: NONE
Closing Costs: 5%
Secured or Unsecured: Secured
Loan Pre-Approval Amount:
4.4 Million
Deal Outcome:
The loan was pre-approved for $4.4 Million within 15 business days after a complete file. The deal required proof of corporate registration, general liability insurance, asset attestation, and other simple compliance forms.
Recommendations
If needed, we recommend taking advantage of the ERTC funding, a personal loan, or developing a deeper relationship with Two Smith for commercial real estate financing.