GOAL! (and other soccer words)
It’s World Cup time, which means most of the world is watching soccer with an even greater interest than usual. We, too, have World Cup Fever, but we would never let it get in the way of your commercial real estate financing needs. However, if you do happen to call during a USA match, you’ll probably have to leave a message. Just fair warning. With that lone World Cup caveat, here’s the latest news about smarter small business commercial real estate financing…
– Planet Fitness
– Muncie, Indiana
– $1.18 million total project cost (acquisition and construction)
– 26,660 square foot fitness facility
– 9 jobs created
Since the World Cup is upon us, it makes sense to feature one of our fitness-related clients this month. Mike Campagnolo is in the process of building 21 Planet Fitness Clubs in the greater Indianapolis area. With seven clubs up and running, he’s well on his way. Mike decided to acquire an aging retail strip center in Indianpoils, IN, and rebuild it into a state-of-the-art fitness center, and we had the honor of financing his project. We provided both the temporary 1st and interim 2nd mortgages during the construction process (keep reading for more about loan structure). We also participated in a second SBA loan to finance the necessary equipment for the gym. Small business construction financing has become a niche specialty of ours, so call us when you or someone you know has a construction project we should take a look at.
Tip of the Month:
Choosing a commercial lender solely on price is unwise. It’s sort of like having surgery: you wouldn’t pick the doctor who charged the lowest price to operate on you, right? When you’re evaluating lenders for your commercial real estate project, it’s important to look at their level of expertise. Do they specialize in the type of loan you need? How many of this type of loan have they closed? Have their clients been happy with their experience? It’s worth the extra effort to find a lender who has a reputation for being the expert in providing the type of loan you need. We’ve been small business commercial real estate specialists for more than a decade, so call us first when you or someone you know is interested in owning commercial property. We’ll be more than happy to cut your lender search short so you can get back to doing what you do best.
If you didn’t get the full (mobile-friendly) version in your email inbox, go here to view it now. Then go here and give us your email so you don’t miss any future updates. (We will never ever do anything nefarious with your information, and you can unsubscribe whenever. Promise.)
Oh, and one last thing…