Coralville, IA, February 28, 2016 --(PR.com
)-- Obduro Capital LLC has successfully closed a $2,175,000 SBA 7(a) loan secured by a 100,000 ft2 vegetable production facility located in central Pennsylvania. The 25-year, fully amortizing term loan carried an interest rate of 6.00%, adjustable for the life of the loan. Funding was provided by Huntington National Bank, with proceeds to be used to refinance existing debt and provide capital for the borrower’s rapidly expanding farm produce business.
“Our client was essentially looking for start-up financing, with the added twist that their product was already on the shelves of a major national grocery retailer - and the grocer demanding more of their vegetables for delivery into other regions of the country,” said Craig Perry, Obduro’s managing director. “Huntington National Bank was able to understand both the start-up nature of the business as well as the dramatic opportunity that was in front of the company if they had the funding to take advantage of it. Their ability to structure the loan in a way that allows the borrower to quickly expand to full production will have a tremendous impact not only on the future of the business, but the community around it as well.”
About Obduro Capital LLC – Obduro Capital (http://www.obdurocapital.com) is nationwide originator of commercial mortgage debt across all property types, offering alternative sources of funding and business advisory services to borrowers through our relationships with a global network of private lenders and community banks. Products include conventional, SBA, bridge, and hard money financing for any income-producing commercial property, as well as agricultural loans, lines of credit, and preferred equity.