At the rate Mascot Factory had been growing, it made increasingly more sense to look into buying a warehouse property to house their thriving operations.
One great way to finance a building purchase is through a fixed-rate SBA 504 loan, Mascot Factory owners Benjamin Lee and Sandra Oh came to realize. Offered by CDC Small Business Finance, this type of loan offers business owners several benefits including just 10 percent down to no outside collateral required. Oftentimes, the monthly payment with an SBA 504 purchase can be the same or even less than paying rent.
“It was very painless,” said Oh, of the SBA 504 loan-approval process. “We had heard horror stories…But loan officer Mike Sarthou explained everything step-by-step. We were shocked at how quick it went and it was smoother than our bank loan.”
We caught up with Oh and Lee at their Poway, Calif. building to learn more about how the SBA 504 loan helped them and their business — from paving the way for more hiring to minimizing their tax bill through business write-offs.
Intrigued by the prospect of owning your commercial property? Learn more about the SBA 504 Loan or talk to one of our SBA loan experts in your area for details.
