- Loan Amount * $475,000
- Collateral Valuation: * $740,000
- Term * 24 months, First Lien, IO
- Rate * 9.99%
Our Borrower currently supplies about 10 wholesale customers with bread and pastries. He has many more who want his products, but he is the only one working. When the only other bakery in town stopped selling bread wholesale, all the local merchants were left without a supplier and had to order from out of the area. The borrower is filling a much-needed void locally. Our office staff knows this firsthand because the sandwiches we get for lunch are much better on our borrower’s fresh bread. The borrower will exit our loan with SBA / Conventional financing when they have seasoned as a stable business.