Community Outreach Organization Purchases Real Estate
Community Outreach Organization Purchases Real Estate
"We would like to thank you for making our long-time dream a reality; to purchase our building, which we have been investing in for 15 years. Thank you so much for answering our questions and keeping us in the loop with everything. As black business entrepreneurs, we face many challenges when it comes to the business realm. You did an exceptional job making this experience one we will never forget! I will refer 44 Business Capital, a Division of Berkshire Bank, to everyone."
Cora & Frederick Reed, OwnersRead to Learn Academy & Reeds Refuge Center | Wilmington, DE
CHALLENGE
Cora and Fred Reed had the option to purchase the real estate they occupied for their childcare, Read to Learn Academy, and the not-for-profit they run, Reeds' Refuge Center. Their work in the community of Wilmington is saintlike and controlling this centralized building is instrumental to the great work they are doing while giving them plenty of room to expand. Mike Hahn and 44 were referred in when a few local banks found the project too rich because most of the Reeds' income was being plowed back into their businesses to assist families in the community. This is when Mike went to work and secured 90% SBA financing and got the seller to hold back another 10%. With this creative 100% financing structure their occupancy expense actually decreased by about $40K annually and allowed them to own this property after leasing for 15 years.
OUR BORROWERS SAY IT BEST
