ValueXpress Obtains Commitment Using SBA 504 Loan Program for the Acquisition of an Industrial Building in Long Island, NY

ValueXpress obtained a $1,438,335 first-mortgage loan commitment in conjunction with a $1,555,665 SBA 504 second-mortgage loan to be utilized to acquire a single-story industrial building located in Farmingdale, NY. The property is utilized as a showroom, warehouse and distribution center for a granite slab importer/wholesaler. In 2009-2010, the borrower renovated the showroom at a cost of $325,000. The company, which has captured the upper end of the market by selling only “first choice” grade granite, has supplied counters, floors, wall hangings and other unique granite pieces to wealthy eastern Long Island clients for many years.

Country Bank, a New York City-based community bank, provided the first mortgage commitment. The Long Island Development Corporation sponsored the SBA 504 portion of the loan. The borrower had seven years of experience in the distribution of unique marble pieces, a talent derived from the owner’s former experience in the fashion industry. The purchase provided an opportunity to expand the business to prepare for future growth.

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