Auto Servicing Shop Acquires Berkeley Location with $3.3 Million SBA 504 Loan
As published in: Yahoo! Finance
Auto Servicing Shop Acquires Berkeley Location With $3.3 Million SBA 504 Loan
Hustead’s Collision Center, Inc. Receives Commercial Real Estate Financing from Bay Area’s Top SBA 504 Lender
TMC Financing, a leading Certified Development Company (CDC) providing Small Business Administration (SBA) 504 real estate financing in California and Nevada, today announced that Hustead’s Collision Center, Inc. has purchased a Berkeley location with an SBA 504 loan for $3,300,000. The project includes a 12,750 square foot automotive repair shop located at 2037 Durant Avenue, Berkeley, California.
“We have historically seen a large volume of companies in the auto industry turn to SBA financing as a way to support business expansion and growth,” said Barbara Morrison, President and CEO, TMC Financing. “Hustead’s is using the 504 loan to purchase an existing location and therefore secure long-term fixed costs. By taking advantage of SBA 504’s below-market interest rates, the project allows Hustead’s to retain working capital and add jobs.”
TMC worked with Hustead’s Collision Center, Inc. to provide financing through the SBA 504 commercial real estate loan program. SBA 504 financing offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital which can be used to further grow the business and create new jobs. The January SBA 504 interest rate is 4.04%, fully fixed for 20 years.
Hustead’s Collision Center, Inc. has been in business since the 1960s, operating smoothly under different sets of families over the decades. Currently, the iconic Hustead’s Collision Center Berkeley location is run by Jonathan Yi and his wife Janice Lee. The husband and wife team have contributed to maintaining the long-established collision repair shop for the last twelve years. Through the growing successes of the shop, Hustead’s Tow was added to the Berkeley location and has been run by the same couple for the last five years. Through the process of expansion, the collision repair shop has even been presented with the opportunity to expand to Oakland, CA. Today, Hustead’s Collision Center, Inc. is dedicated to providing excellent service to their customers, taking care of all of their auto-related needs.
During the past 30 years, TMC has provided approximately $7.2 billion in SBA 504 financing for more than 4,200 businesses throughout California and Nevada. This financing has resulted in the creation of 30,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade, and is the number one SBA 504 Lender in Northern California and Las Vegas. TMC’s experienced staff works directly with borrowers, first mortgage lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower’s credit capacity. For more information, visit http://www.tmcfinancing.com.