Copyright © 2004 Frankel Financial Corp.

$780,000 Bored With Retirement

Description: This South Jersey borrower still lived in and was the owner of the house he grew up in down the shore.  He was retired a few years and had the itch to work so he entered into an agreement of sale to purchase a local seafood restaurant.  He never anticipated the difficulty he would face trying to obtain the financing to purchase this business.  Several lenders turned him down and more than one of them referred him to Frankel Financial Corp.  

Solution: FFC’s two-tiered borrowing strategy was the following:  First, FFC provided him with a no income, no asset (NINA) cash out refinance of his primary residence house for $780,000. We provided this financing under a thirty-year amortization with a five-year interest only period fixed at 4.75%.  The client subsequently used the cash-out from the residential refinance as his equity into the second tier of the financing strategy.  Second, we provided $450,000 of non-bank SBA guaranteed business acquisition financing.  The entire deal was done with 100% leverage!

455 Pennsylvania Avenue Suite 2LF • Fort Washington, PA 19034
(215) 641-9700 • (215) 641-0498 • info@frankelfinancial.com