Property Type: Laundromat Loan Amount: $600,000 Loan: Refinance and Expansion
Finance Challenge: The owner of four Laundromats had experienced three years decline in revenues and needed to diversify the business into a more profitable commercial operation. The declining sales precluded her from securing bank financing. New York Commercial Lending provided a loan which: (i) consolidated the owners existing debt and (ii) provided cash to purchase and renovate a new facility and to purchase equipment to expand its commercial division. The borrower is now positioned to capitalize on opportunities created by the growth of the nearby airport.