– $3.5MM Commercial Mortgage and $1.5MM Line of Credit
– Southern New Jersey
Pennant was able to retire all senior secured debt from a large regional bank that had this company in Special Assets. The company’s sales were on the rise and this new structure enabled the company to have permanent working capital by way of the credit line. The mortgage payments were dramatically reduced and additional cash was taken out from the proceeds for the company’s capital base and creditor payments.