Borrowers obtained a $10,000,000 USDA Business & Industry loan. The Co-Borrowers used the proceeds to pay down the majority of their long-term debt, received working capital, and pay all related soft costs. Guarantor has been with the company for over forty (40) years and has served as its President for twenty-five (25) years. The guarantor has a personal net worth of over $3,500,000 and will, along with additional guarantor, provide joint and several personal guarantees for 100% of the USDA loan. Over $30,000,000 in collateral value comprised of Real Estate ($10MM), M&E ($3MM), & Inventory ($20MM). The company has diversified & expanded its snow removal services to two of the country’s largest cemetery operators & lucrative 24/7 snow-free customers (e.g. Amazon). New contracts representing over $6,000,000 in annual revenue available from US cemetery operators, providing tremendous opportunity as the company performs well. USDA loan will allow the company to solidify a long-term financing structure, allowing the guarantor to focus on stabilizing & growing the business. In 2018, the company restructured its contract services platform, reduced SG&A, & created efficiencies with supervisory staff, leading to improved financial performance.
| Loan ID | 100 |
| DSCR | 1.13 |
| LTV | 44.1 |
| Note Rate | 8.25 |
| Property Location | MD |
| Type | 561730 |
| Guaranty Type | USDA |
| Loan Term | 17 yrs |
| Rate type | Var |
| Note date | 06/28/2019 |
| Maturity date | 07/01/2036 |
| Participation Availability Amount | $1,694,354 |
| Minimum Participation Amount | $250,000 |
| Original Loan Amount | $2,850,000 |
| Full Loan Documentation | Link |
| Inquire | Inquire |