Laundromat Start Up Financing (SBA 7a)
Essencap successfully closed on a $2,270,000 laundromat building including new equipment financing in Crown Heights, Brooklyn, NY. The loan included real estate purchase and new equipment and installment.
We are pleased to announce that Essencap successfully arranged an SBA loan to fund the real estate and new equipment purchase. The subject property has a laundromat setup but the prior owner has the business dormant for over 3 years. It has a total building area of 2,530 square feet. The site has a total area of 6,575 square feet and is zoned “C2-2” with an “R5” overlay. The loan assists our client in real estate purchase in addition to replace 82 new machine equipment.
Essencap assisted with the borrower on research the market area. Able to support the transaction with a strong business and marketing plan.