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 0100
DSCR 3.06
LTV 44.10
Note Rate 8.25
Property Location MD
NAICS 561730
Guaranty Type USDA
Loan Term 17 yrs
Rate type Var
Participation Availability Amount $ 1,694,354
Minimum Participation Amount $ 250,000
Original Loan Amount $ 2,850,000
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