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February Funding

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.  

 

 

Programs Detail
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Business only loan
Not all business loan requires real estate as collateral. In our pipelines, we are in process of over $2 million business only loan. We are assisting a Chinese restaurant on a $600,000 loan for a new location construction. The loan is based on business tax returns and not real estate required.
Second funding, a floral accessory company, leveraging the account receivable and tax return. We are processing of a $2 million Bank Line of Credit to consolidate a number of business loans including Amazon, American Express and SBA debt. Our Bank Line of Credit starts at Prime + 1, 
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Business Start Up loan
Start up loan and business purchase loan, Essencap has successfully funded liquor stores, laundromats, restaurants and medical offices....etc. Essencap has strong underwriting practice can handle many situations. 
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Essencap Funding LLC · 45 Middle Neck Rd Ste 220 · Great Neck, NY 11023-2124 · USA

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