2010 Results

In 2010 the Hoffman Consulting Group reviewed $285 million dollars worth of loan volume totaling more than 94 applications. About $23 million is likely to close in the first quarter of 2011 ranging from new construction, debt refinance, investor property, restaurant expansion, business acquisition and operating lines of credit. Below is a snapshot of what was approved, booked or closed for 2010.

October 2010: Wendy’s debt refinance and expansion for $1,800,000

Overview: Wendy’s owner wanted to open a new location. We also looked at refinancing the existing debt to lower debt payments. We successfully acquired an SBA approval which reduced the existing debt payments by $3,371 a month while funding the expansion. Doing the expansion alone would have increased the debt payments over $5,000 per month.

December 2010: Wendy’s debt refinance and remodel for $2,850,000

Overview: Business owner had an offer in hand from another lender to refinance existing debt. After reviewing the offer we presented five competitive offers saving the owner 2.5% in annual interest expense. We negotiated favorable prepayment terms and caught an error in the loan docs. Total tangible savings for this client was about $90,000 per year.

December 2010: New construction start up Storage Unit Facility for $2,500,000

Overview: Probably one of the most difficult loans to get approved in this economic climate. This involved some public finance for stimulus bond incentives to provide a tax exempt rate to the borrower. A mini-perm construction loan was issued by a local lender.

business loan clients