{"id":24288,"date":"2025-06-05T11:39:53","date_gmt":"2025-06-05T18:39:53","guid":{"rendered":"https:\/\/www.tmcfinancing.com\/?p=24288"},"modified":"2025-06-05T11:39:53","modified_gmt":"2025-06-05T18:39:53","slug":"old-schoolhouse","status":"publish","type":"post","link":"https:\/\/www.tmcfinancing.com\/es\/old-schoolhouse\/","title":{"rendered":"A Dream Business and Property in Newberg, OR: The Old Schoolhouse"},"content":{"rendered":"

\u201cThis is my dream business in my ideal location and it wouldn\u2019t have been possible without the SBA 504 loan and TMC\u2019s help,\u201d says Nicole Wolfer, co-owner of The Old Schoolhouse<\/a> event estate in Newberg, OR. Along with her husband, James, and her parents, Randy and Beth Bailey, they\u2019re optimizing the property\u2019s beauty, history, and versatility to host weddings and other events in Willamette Valley.<\/p>\n

Here\u2019s how TMC Financing, in partnership with Key Bank, helped Nicole secure Financiamiento SBA 504<\/a> to create the business she envisioned.<\/p>\n

Realizing a long-held dream<\/strong><\/p>\n

\"\"<\/p>\n

Before committing to an event-management business complete with its own property, Nicole spent more than a decade in the industry, creating and managing weddings, non-profit fundraisers, corporate conferences, and everything in between.<\/p>\n

\u201cWhile I had a lot of great experiences, there were many times when the venues we rented fell short in terms of services or quality. I imagined what I\u2019d do differently and what my ideal venue would be \u2013 and I realized that I wanted my own business and property,\u201d Nicole explains.<\/p>\n

She found everything she hoped for and more in The Old Schoolhouse. It includes a 1928 school house with capacity for 130 for a seated dinner reception, as well as an orchard and gardens for ceremonies, cocktails, post-dinner gatherings, and more \u2013 all surrounded by beautiful vineyards and mountains. In addition, the buildings underwent full renovation in 2014, so this turnkey property only needed Nicole\u2019s personal touches to be ready for business.<\/p>\n

Securing the perfect property takes the right financing<\/strong><\/p>\n

\"\"While finding the property was the first challenge, the second was to secure the right financing.<\/p>\n

\u201cAs I researched loans and talked to banks, I realized that a commercial mortgage from a bank was going to be out of reach,\u201d Nicole admits. This is due to the high owner down-payment \u2013 typically 30-40% or more \u2013 and shorter repayment terms (typically 10 years for commercial mortgages). By comparison, Pr\u00e9stamos SBA 504<\/a> require just a 10% down payment for most deals (or up to 15% for some single-use properties and\/or new businesses), with terms up to 25 years to make repayment easier.<\/p>\n

\u201cI\u2019d read about SBA programs and reached out to some banks. Jennifer Fern-Peterson from Key Bank<\/a> was great. She explained the program and how SBA 504s are made in partnership with a CDC and she recommended TMC Financing to partner on the purchase.\u201d CDCs are certified development companies<\/a> that work in conjunction with banks to provide funding for small businesses, including administering Pr\u00e9stamos SBA 504<\/a>.<\/p>\n

The SBA 504 loan and TMC make dreams a reality<\/strong><\/p>\n

\"Anna
Anna O’Brien, SVP Business Development<\/figcaption><\/figure>\n

TMC Business Development Officer Anna O\u2019Brien<\/a> worked with Nicole and The Old Schoolhouse team to secure financing. Startup businesses, like Nicole\u2019s, can have a particularly difficult time securing a loan \u2013 but not with TMC. In this case, as a new business, TMC was able to make the deal work with a 15% down payment toward the $1.4 million property.<\/p>\n

\u201cThe loan process itself is demanding in that there\u2019s a lot of paperwork and with multiple owners, it was a lot to coordinate but, really, that\u2019s just logistics,\u201d says Nicole. As a successful event manager, she has the skills and talents to see that through.<\/p>\n

When they did run into some challenges, she says, \u201cTMC was great. When something came up, Anna and our TMC team dealt with the issues. We always knew that TMC was in our corner and they worked really well with the bank on our behalf. Overall, it was a great experience.\u201d<\/p>\n

\u201cIt\u2019s hard for new businesses to secure bank financing, particularly when it involves real estate purchases,\u201d says Anna. \u201cBut when small business owners work with TMC, you gain an experienced partner who can leverage the SBA 504 program and our relationships with banks, like Key Bank, to bring these deals to fruition \u2013 and that\u2019s when business dreams come true. It was a pleasure to have the opportunity to do this for Nicole and The Old Schoolhouse team.\u201d<\/p>\n

Nicole and her partners closed on the purchase on January 28, 2025, and hosted their first event just a few days later.<\/p>\n

\u201cNow, our goal is to get be fully booked, with a primary focus on weddings,\u201d Nicole says.<\/p>\n

TMC Financing and the SBA 504 program: Don\u2019t wait to launch your dream<\/strong><\/p>\n

\u201cIf I could do one thing differently,\u201d Nicole says, \u201cit would be to contact TMC from the start. That\u2019s why I\u2019m telling everyone that owns a business to get in touch with them. They want you to succeed and you may get a \u2018yes,\u2019 too!\u201d<\/p>\n

If your business is located in TMC\u2019s service area of California, Arizona, Nevada, Hawaii, and Oregon,\u00a0Cont\u00e1ctenos<\/a>\u00a0to get started. If your business is located outside of our service area, try the\u00a0SBA\u2019s Lender Match tool<\/a>\u00a0to find a qualified certified development company (CDC) lending partner near you.<\/p>","protected":false},"excerpt":{"rendered":"

\u201cThis is my dream business in my ideal location and it wouldn\u2019t have been possible without the SBA 504 loan and TMC\u2019s help,\u201d says Nicole Wolfer, co-owner of The Old…<\/p>","protected":false},"author":12,"featured_media":24289,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"categories":[8787,6],"tags":[380,376,387,8410,445,383,402,8482,397,337,364,336,369,340,335],"class_list":["post-24288","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-oregon","category-success-stories","tag-380","tag-504-loan","tag-504-loans","tag-building-purchase","tag-buy-building","tag-client-success","tag-financing","tag-lending","tag-loan","tag-sba-504","tag-sba-financing","tag-sba-lending","tag-small-business","tag-success-story","tag-tmc-financing"],"acf":{"related_posts":false},"yoast_head":"\nA Dream 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