The Situation: Refinance Adult Family Home Debt and Capital for Real Estate Acquisition

The owners of several Adult Family Homes in Spokane, Washington wanted to consolidate all their real estate debt and secure new capital to purchase a property to expand into the Spokane Valley market. The borrowers are excellent health care professionals only limited by the number of facilities they own and beds they have available. Unfortunately, because these are residential homes renovated into Adult Family Homes, very few lenders would assist the company with financing.

  • Financing Falls Apart
    Another financial institution worked with the borrowers for several months before putting a halt on the lending facility they structured for this company.
  • Several Locations
    The lending package was secured on residential real estate and property that was converted to “senior homes.” With four or five different properties, this meant our team coordinated with many appraisers and business valuators.
  • Debt Refinance and Business Expansion Financing
    Our borrower’s biggest challenge was refinancing maturing debt from their current operations with favorable terms. In addition, they wished to purchase a new property to expand.

The Solution: $2.2 Million 7(a) SBA Commercial Real Estate Loan From First Business Bank

This financing package provided low-rate capital to refinance their current properties and additional funds to purchase new commercial real estate.

  • Reliability
    First Business Bank’s closing team worked closely with the borrower and multiple real estate experts to ensure the transaction was completed to expectations.
  • Dependability
    First Business Bank provided the financing facility they had proposed on and closed before year-end 2021.
  • Functionality
    First Business Bank’s loan facility was the right loan for the right borrower.