SBA 504 Loan Helps Investigators Stay in the Know
Have you ever needed your own personal “Q,” you know the gadget master in the 007 James Bond films? There is a store in Miami that provides the services and equipment that both professional and amateur sleuths rely on.
Founded in 2007 by Mitch Abreu, the Spy Center is a haven to all things surveillance related. Their services include infidelity investigations, video surveillance, background checks, employee investigations, insurance fraud investigations, locate missing persons, spouse surveillance, GPS tracking and record searches. Prospective investigators may also rent or buy some of the latest spy and surveillance equipment, such as hidden spy cameras, real time GPS trackers, spy audio recorders, bug detectors, wireless spy cameras, home security cameras, nanny cams and much more.
By 2018, the success of the Spy Center created a need to expand the available space for product and service sales. Located in a two-story commercial building of which they had been leasing two bays in the lower floor, an opportunity to purchase the property offered a solution that would also create space for any future expansion needs.
To finance the purchase, Abreu turned to the experts at Florida First Capital to guide him through the options available through the Small Business Administration (SBA) 504 Loan Program. In order to acquire the 9,352 square-foot building, a 504 transaction totaling $2.4 million was structured to give the borrower the maximum flexibility in preserving working capital.
“By requiring only a 10% down payment, our borrower was able to set aside precious working capital funds to fuel other parts of his expansion,” said Alejandro Buitrago, Florida First Capital Vice President and Business Development Officer for the Miami-Dade Area. “The low down payment and beneficial terms are where the 504 Loan program shine.”
The SBA 504 Loan Program provides up to 90% financing at below-market, fixed interest rates and long amortization terms up to 25 years for the purchase of major fixed assets, such as owner-occupied commercial real estate, energy efficient “green” initiatives and/or heavy duty machinery and equipment.
504 loans are paired with private-sector commercial loans and provide up to $5 million of aggregate SBA eligibility on standard 504 projects; up to $5.5 million per 504 energy efficient green project not exceed $16.5 million in the aggregate; and up to $5.5 million per eligible small manufacturing project with no limit on total SBA dollars available. These are SBA 2nd mortgage loan portions only; there is no limit on overall project dollar size.
Visit the Spy Center online at www.spycenter.com.
For more information about SBA 504 loans in Alabama, Florida or South Georgia, contact a Florida First Capital Loan Officer or email us at info@FloridaFirst.com. Phone: 850.681.3601 or toll-free at 800.504.LOAN.