$1.3 Million Arranged to Bring Absecon Family Vision from Concept to Reality
David Cappello of Progress Capital Advisors secured financing for the new construction of Range 129, a one-of-a-kind, state-of-art gun range and training facility to open in Absecon, NJ.
By: Progress Capital Advisors
William partnered with 3 family members; David Wolfson – currently Chief of Police for Margate City, Joseph Wolfson – 1/3 owner of development company J& M Land Co. and William Fritz – recently retired as Captain of the Margate City Police Department, to form Range 129 LLC. Having previously identified a void in the market, Range 129 aims to attract a wide range of clientele, including those who want to learn about gun safety, enthusiasts and active duty law enforcement officials.
"We hope that our business will shed light on the benefits of gun safety in times of economic and social upset. By teaching gun safety properly, we hope to ensure that people will not abuse firearms and put an end to the bad connotation associated with firearms and gun safety," said William Wolfson.
Together, William and his family approached David Cappello of Progress Capital Advisors to discuss financing options for a construction to permanent loan to complete Phase I of the new 15,000 SF owner-occupied facility. With Range 129 being a new business, Cappello suggested using a Small Business Administration backed loan to best leverage the borrower's liquidity and assets to maximize loan proceeds. SBA loans are the perfect choice for start-ups and new businesses seeking capital with little to no prior business experience or operating history.
With SBA guaranteeing up to 75% of the principle for the lender, lenders tend to be more flexible in approving loans for borrowers with no history of successfully operating a business. To that end, David Cappello secured $1,300,000, a 64% loan to cost, construction to permanent loan bringing Wolfson's vision to reality.
Additional terms of this loan include:
25 Year Term
25 Year Amortization
Progress Capital Advisors loan programs include Fixed Rate Loans, Construction and Specialty Financing as well as Directly Funded Bridge Loans. With over $40 Billion in closed loans and $100 Million in bridge and direct lending, we will get you to the closing table … plain and simple. #thatsPROGRESS