Helping an Entrepreneur Realize his dream with SBA Financing

M1 Capital Corp. has arranged financing for a Westchester-based entrepreneur who has relocated a successful metal refinishing and restoration business from the Bronx to Port Chester, New York. The client purchased a former auto body and repair shop with a planned conversion and renovation of the property to suit their successful business model. The deal was closed within 75 days and was structured using an SBA 7a Small Business Real Estate loan providing 90% leverage plus the financing of the closing costs. Withers, a New York area leader in real estate financing, was able to lock in the rate for 5 years for the client on a 30-year amortization schedule based on the Prime Rate plus a margin mechanism.

Robert Withers, President of M1 Capital Corp., commented, “I am pleased to announce this successful purchase transaction for our client today. With this transaction we were able to assist our client in realizing their dream of relocating their business to Westchester and purchasing their own building at the same time. By arranging competitive debt and taking advantage of maximum leverage available with this SBA program, our client was able to purchase the property with a very low cash outlay allowing the company to retain capital within the business to continue their significant corporate growth.