South Bay agency providing mental health services purchases building in San Jose with 504 Loan
Spread Your Wings, an agency dedicated towards providing services for those with developmental disabilities within the South Bay region, has purchased property located at 570-590 Blossom Hill Road in San Jose for $3,100,000. The 8,000 square foot medical office building was purchased with an SBA 504 Loan administered by TMC Financing. By utilizing the SBA 504 Program, Spread your Wings was able to obtain 90% financing and a below market rate, fixed for 20 years.
Founded four years ago by Andrew Dumbuya, Spread Your Wings provides high quality supported living services to persons with developmental disabilities and mental health. When Andrew’s family immigrated from Sierra Leone to California, Andrew’s mother, Fatmata, began to work with adults with disabilities. Witnessing his mother’s compassion to this population in need ignited a drive in Andrew. He realized his community lacked adequate mental health services. Andrew was motivated to make a change and thus founded Spread Your Wings.
Since its founding, Spread Your Wings has grown substantially. This building acquisition will help the company expand its reach even further and improve the standard of care they are able to provide.
“By owning our building, not only do we have peace of minding knowing our operating location is stable, but we are also able to expand our offerings that require the ownership of the property, such as social rehabilitation services.
“Additionally, we are now able to create a space tailored exactly to our needs. We can renovate while adding our own personal touch, ensuring our clients feel completely comfortable and safe in our space.”
Andrew has always dreamt of owning his own building. TMC worked with Andrew to secure financing to turn his vision into reality by utilizing the SBA 504 Program. “The SBA 504 Loan is one of the soundest financing options available for strategic small business expansion, which is why it was the best option for Andrew and Spread Your Wings,” said Bruce Whitaker, Senior VP of Business Development for TMC Financing.
The SBA 504 Loan program provides financing to business owners for the purchase of real estate and fixed assets. The program features a down payment as low as 10 percent and a below market rate, fixed and fully amortized over 25 years.
“The SBA 504 Loan was perfect for us,” explains Andrew. “The low down payment option and low interest rate is what allowed us to purchase the building. I feel so secure in our space knowing that it is ours.”
The acquired property in San Jose is larger than what Spread Your Wings initially needs so they will rent out a portion of the space, allowing them the opportunity for increased cash flow and the opportunity to easily expand down the road.
“I have high aspirations for Spread Your Wings,” states Andrew. “We currently operate in Santa Clara, San Benito, Santa Cruz and Monterrey but eventually I want to provide services throughout California. I know owning our space is key in order to make that happen.”
About TMC Financing
TMC Financing is a high-volume, Premier Lender with the SBA. During the past 35 years, TMC has provided over $9 billion in financing for more than 5,000 businesses throughout California and Nevada. TMC is the top SBA 504 provider in its states of operation (California and Nevada) and has consistently ranked in the top CDCs in the nation. Contact TMC Financing to learn more.