Fantastic 2nd Mortgage/Home Improvement Lender with 45 Yrs in Business

Charleston, SC (Charleston County)

Fantastic 2nd Mortgage/Home Improvement Lender with 45 Yrs in Business

Asking Price:$2,000,000

Cash Flow:N/A

Gross Revenue:$177,232

EBITDA:N/A

FF&E:$25,000

Inventory:$1,282,500

Rate/Sq. Ft.:N/A

Established:1972

Fantastic 2nd Mortgage/Home Improvement Lender with 45 Yrs in Business

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Business Description

Since 1972, this business has been Charleston's premier lender for 1st and 2nd Mortgages and Home Improvement Loans, as well as Rentals, Land, and Commercial loans. The business does their own lending, and receives many referrals from Real Estate agents in the area. From 45 years in business, the company has a large roster of longstanding and loyal clientele.

Typically, the business will do home improvement loans for up to $25k, for up to 15 years. Their interest rates range from 12-16%, and they only go up to 50% of the asset value.

A Fantastic Reputation, Prime Location, and 45+ Years in business make this a Tremendous Opportunity for any interested acquirer!

Attached Documents


Detailed Information

Inventory:
Included in asking price
Real Estate:
Leased
Building Sq. Ft.:
N/A
Lease Expiration:
N/A
Employees:
2
Furniture, Fixtures, & Equipment (FF&E):
Included in asking price
Facilities:
The modern facility that houses this business is a 700sqft. office space in a retail shopping center. The facilities include a reception area, payment counter, a conference room, a private office, a restroom, and a break room. Physical assets included in the sale are as follows: 2 computers, 1 fax machine, 1 copy machine, 3 desks, a conference table with chairs, and all filing cabinets. The facilities are currently on a monthly renewable lease for $750/month.
Competition:
There are NO local competitors because this is the ONLY mortgage company in Charleston that offers their financial services. The business has a Prime location, in the West Ashley area, right off Savannah Highway. From 45 years in business, the business has earned an excellent reputation locally, and has a name that is well known and respected in both the market area and business arena.
Growth & Expansion:
The business has never done any advertising and relies on word of mouth accolades alone. Investing in advertising could easily generate new business and increase revenues. Establishing a website to expand the online presence of the business would also generate additional revenue. The service delivery process is one that a new owner can easily adopt and carry on. Ultimately, the business owners feel that the business could benefit from increased investment and energy that they are no longer able to provide.
Support & Training:
Currently, the business has 1 active full-time employee and three business owners. The business has staff and management in place to help a new owner successfully manage the transition, and to provide continuity after the owners' departure that clients know and trust. The business owners are willing to remain involved for a 3-12 month post-sale transition period. The business has maintained a customer database on which a new owner can rely.
Reason for Selling:
Retirement / Health Challenges

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GreenTree Acquisitions Inc.

Business Listed By:
GreenTree Acquisitions Inc.

GreenTree Acquisitions Inc.

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