Our Success Stories

Liberty Landing Marina

$10MM Financing
Jersey City, NJ

Bernie McTamney, while still a Partner at 44 Financial Corp, arranged $10MM in equity and debt to develop from raw ground the Famous Liberty Landing Marina in Jersey City, NJ. It is now the most desired location on the Hudson River with a 3 year waiting list. Several years later, Mr. McTamney embarked on his own and began Pennant Financial Corp.

Service Company within American Dream Mega Mall

$1.5MM Business Line of Credit
East Rutherford, NJ

Pennant secured a $1.5MM business line of credit for a service company that has the exclusive contract for the procurement of all the permitting for the stores, shops, restaurants and businesses located within the American Dream Mega Mall in the Meadowlands Sports Complex. This is in concert with the NJ Sports and Exposition Authority. This is a $ 2.8 billion dollar massive retail and entertainment center which opens in Fall 2019.

The Gambone Group

$12MM Commercial Mortgage
East Norriton, PA

Pennant arranged the participation of Ocean First Bank for $12MM to help refinance a regional developer’s entire real estate portfolio. The total refinancing was a revolving credit facility of a $104MM and a $52.1MM Freddie Mac DUS Floating Notes Execution. The lead bank was Capital One with participation from TD Bank, Ocean First Bank, and Penn Community Bank.

Mixed Use – Bar/Restaurant/Apartments

The owner was paying a high rate private lender interest only and needed long term financing. Pennant established a 30 Year Self-Liquidating Commercial Mortgage at 7.5% through the No Doc Program. The underwriting was a credit report, an appraisal and stated income.

$700K No Doc Commercial Mortgage
Fishtown – Philadelphia, PA

Commercial Landscaper

$750K Bridge Loan
Bucks County, PA

The company was in peril due to outstanding IRS taxes. Pennant procured a one year bridge financing to retire the tax obligation. Pennant will migrate this company into traditional financing now that the tax problem is resolved.

Commercial Painting Contractor

$1.9MM Line of Credit
Philadelphia, PA

This 50 year old company, although very profitable, could not obtain a larger line size at their bank. They needed this as their sales were growing. Pennant represented them at another local bank that provided the line size they requested.

IT Staffing Company

$5MM Line of Credit
Chester County, PA

This global company could not obtain a larger line size at their bank to support their growth. Pennant procured a $5MM Line of Credit at Prime + 3% Asset Based Revolver with a Non-Bank Credit Company.

5 Pharmacies of a Philadelphia Based Chain

$2.2MM Corporate Debt Restructure
Philadelphia, PA

This deal included a line of credit and a mortgage. The terms are a 5.75% fixed for 10 years with no balloon and a line of credit at Prime +1%.

Charter School and Summer Day Camp

$2.7MM Bridge Loan
Central Jersey Shore, NJ

Pennant procured a $2.7MM Bridge Loan for two years. The use of funds was to retire a matured bank loan and several outstanding taxes.

Oloroso | Tapas Restaurant

$2.6MM SBA 7-A Mortgage
Center City Philadelphia, PA

Pennant arranged an SBA-7A Loan for this very famous center city restaurant. The terms are 25 years with 7.75% interest rate with no balloon. The funds were used to acquire the building next door to expand their operations.

5th Generation Company – Neatsfoot Oil

$2.9MM Corporate Debt Restructure
Philadelphia, PA

This family owned company is over 100 years old and in its 5th generation. It produces Neatsfoot oil which is used in the softening of most baseball gloves. Pennant brokered a deal for a Total Corporate Debt Restructure of $2.9MM with a Self Liquidating 15 Year Term Loan at Prime + 2.75%.

Used Car Lot

$950K Bridge Loan
Philadelphia, PA

Pennant secured a one year bridge loan to stop a potential foreclosure on a used car lot with an adjoining office. This loan provided more time to procure traditional financing and then Pennant migrated the borrower to a 25 year fully amortizing mortgage.

Owner Occupied Manufacturing Facility

$2MM 1st Mortgage
Southern New Jersey

Pennant secured a $2MM 1st mortgage through a regional credit union for a owner occupied manufacturing facility for speciality steel in South Jersey. The terms were: 4.75%, 15 year term over a 30 year schedule with no prepayment penalty.

Paving Company

$4MM Line of Credit and $1MM Self Liquidating Term Loan
Norristown, PA

A 30 year old paving company in Norristown, PA needed financing for a multi year contract with a Fortune 100 Company. Pennant was able to procure a line of credit for $4MM at Prime and a $1MM self liquidating term loan on the M&E at 4% fixed for 5 years.

Office Building Refinance

$7MM Commercial Mortgage
Delaware County, PA

This was a 110,000 SQ FT Office Building that needed refinancing in order to retire a very expensive Bridge Loan. Pennant secured a commercial mortgage at a 5.25% fixed rate for 5 years, on a 25 year schedule, 15 year maturity, and a rate reset every 5th anniversary at 2% over Prime. NO prepayment penalty.

Sale of Residential Loan Portfolio

$10MM Value
Central New Jersey Properties

Pennant arranged the sale of a Subprime mortgage portfolio for a large regional bank. They procured a fund that paid the bank’s asking price.

Philadelphia Restaurant

$2.8MM Self Liquidating Mortgage
Center City, Philadelphia, PA

Pennant provided the financing for the acquisition of a Center City Philadelphia Restaurant and its Real Estate. The terms of the deal were $2.8MM, 25 year self-liquidating mortgage at 6%.

Construction Company

$2.5MM Self Liquidating Mortgage
$500K Line of Credit
Delaware County, PA

This Construction Company specializes in infrastructure and site work. They needed to retire their existing bank debt that had matured. Pennant was able to procure a 25 year self liquidating mortgage at 6% with a 500K line of credit at Prime.

National Power Line Maintenance Company

$3MM Line of Credit
Bucks County, PA

Pennant secured a $3MM Line of Credit at 4% over Prime for a company that specializes in the maintenance of power lines nationwide. This transaction enabled the company to be discharged from a Chapter 11 Bankruptcy and allowed them to finish the contracts in their pipeline.

NYSE Listed Pharmacy Chain

(2) $5MM Construction Mini-Perm Facility
Montgomery County, PA

Pennant provided the construction financing for the designated developer in order to erect two “build to suit” locations. Pennant was able to procure two $5MM construction mini-perm mortgages at Prime + 1/2% at a 30 month call.

Un-anchored Strip Center

$1.9MM No Doc Commercial Mortgage
Atlantic City, NJ

Pennant received a referral from a special assets group at a regional bank. Their client needed help obtaining a commercial mortgage for an unanchored strip center in Atlantic City. Pennant was able to secure a $1.9MM No Doc Commercial Mortgage at 8% on a 30 year schedule with no balloon. The No Doc Loan Program underwriting with this project was just a credit report on the sponsor and an appraisal.

Hospital Bed Manufacturer

$2MM Commercial Mortgage
Baltimore, MD

Pennant restructured the corporate debt because of a maturity on it’s high rate bridge loan debt. Pennant secured long term financing with a $2MM Commercial Mortgage @6% on a 25 Year Schedule with No Balloon.

Crystal Tea Room

$800K Commercial Mortgage
Philadelphia, PA

Pennant arranged a total corporate debt restructure for Philadelphia’s famous Crystal Tea Room. Management was delighted as their debt service payments greatly improved.

Steel Fabricator

$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.

Medical Clinic

$1.8MM Bridge Loan and $500K Line of Credit
Lehigh County, PA

For a Medical Clinic that had a maturity with their local bank in Lehigh County. The clinic had a letter of intent from a buyer and desired to be in a more solid position to obtain their asking price by retiring their debt. Therefore, the company had no desire for long term debt. Pennant then procured a Bridge Loan at Prime + 3%, Interest only on both loans with a 2 Year Maturity.

Steel Rebar Manufacturer and Installer

$5MM Line of Credit
Southern New Jersey

This company needed a line of credit to support their sales growth. The company’s existing bank at that time would not increase their line. Pennant secured an interest only $5MM Line of Credit at Prime +4% with a 3 year maturity.

Construction Company

$500K Bridge Loan
Southern New Jersey

This small construction company in South Jersey was in Chapter 11. Pennant was able to secure a $500K bridge loan from a private lender which enabled the company to be discharged from bankruptcy.

Bulk Mailing Company

$1.5M SBA Loan
Harrisburg, PA

This company specialized in bulk mailing. Their sales were spiking and they needed capital to support this. Their M&E was unencumbered. Pennant was able to secure a $1.5MM 10 year Self-Liquidating Term Loan at 6% on the M&E with an SBA Guarantee.

Fire Prevention Equipment Supplier

$750K Commercial Mortgage
Trenton, NJ

This Fire Prevention Equipment Supplier owned two warehouses in Trenton, NJ. Unfortunately, this company was in Special Assets with their regional bank. Pennant was able to save the company by securing financing for a $750K Commercial Mortgage for 25 years at 5.5% with a 15 year call.

Furniture Store

$500K No Doc Commercial Mortgage
Princeton, NJ

The owners of this Furniture Store had a maturity with their local bank. Their bank opted not to renew their $180K loan. Pennant retired this and the owners obtained a $300K cash-out at closing for inventory purchases.

Athletic Club

$7.5MM Bridge Loan
Princeton, NJ

$7.5MM Bridge Loan on an 85,000 SQFT Facility. Pennant arranged Bridge Financing to retire all secured and unsecured debt. This allowed an
annual savings of $400K on its cash flow. The referring bank will retire our Bridge Loan at the end of 2019 since the company is trending towards record profitability.

Beverage Company

$14MM Term Loan
Upstate NY

This company wanted to restructure bank debt because their bank was holding $5MM in securities as collateral from their sponsor. Pennant procured the term loan based on projections and the sponsor’s outstanding credit. This loan freed up the sponsor’s securities, restructured company debt and provided working capital for the young, growing company.

Real Estate Investor

$975K Cash Out
Newark, NJ

Refi No-Doc Commercial Mortgage

10.49% Fixed for 30 Years

The client needed to take cash out for another project. They had marginal credit which prevented them from traditional bank financing. Pennant was able to procure a commercial mortgage through our “No-Doc” programs which requires a score of 650 or better.

Pharmacy

Edinburg, Texas
$4.5MM Term Loan for the Acquisition for Specialty Pharmacy
Prime + 2.75% floating; 10 year self liquidating

Wireless Phone Company Building

$2MM Commercial Mortgage
5 year balloon - 20 year call at 4.75%.
Richmond, VA

Because of the nature of the transaction (using the cell tower lease credits), the borrower was able to make the acquisition through an easement achieved through the purchase of the remaining time of the lease on the cell tower. The phone company stayed in the building for the remainder of their lease term. The borrower was not required to have cash in the transaction because he received the net present value of the remaining lease payments on the tower. Pennant arranged this with a local investor.

Exterminator

$650K Commercial Mortgage
4.75% Fixed - 5 Year Self Liquidating
Magnolia, NJ

Refinanced a balloon due from an existing lender who did not renew his loan. The new loan paid off existing debt and obtained $200k of permanent working capital

New Jersey Marble Importer

900K Line of Credit
South New Jersey

This company needed a line of credit to fill orders as his product is used in high end construction and much in demand.

Towing Company and Heavy Equipment Marshaling Yard

$925K Bridge Loan
10% Interest Only - 1 Year Term
Mercer County, NJ

Borrower needed to consummate the sale to be in compliance with the termination date of the agreement of sale. The seller had a competing offer, but Pennant procured private financing in order to achieve the acquisition.

Weed Control Company

200K Line of Credit
Prime +4 (interest only) - 2 Year Term
Chester County, PA

Borrower was in foreclosure with his bank as he had health problems. Pennant obtained the line of credit through his accounts receivable and retired the debt. The borrower is in good health now.

Investment Real Estate Property

$300K Bridge Loan
10% interest only - 2 year term
Newtown, PA

Borrower’s bank called the loan as the remaining collateral on a much larger facility was 3 building lots and they chose not to have raw ground in their portfolio. Our investor realized the inherent value of the lots and provided the funds. The building lots were in a desirable section of Bucks County and they were fully improved and approved. The LTV was 30%.

Investment Property

$715K Bridge Loan
Cherry Hill, NJ

The loan had matured but the building was under an agreement of sale. The bridge loan retired the debt of the existing lender. The buyer of the building (a Church) consummated the sale six months later and retired our bridge lender.

Big Board Parcel Transportation Company

$900K SBA 7a Term Loan
Delaware County, PA

A local investor required financing to purchase five routes. The borrower did not qualify for traditional financing as he was new to this line of work, but had a very impressive work history and resume with excellent credit. Pennant procured a $900K SBA 7a term loan; Prime + 2.75% adjusted quarterly - 10 years self-liquidating.

Residential Builder

600K Bridge Loan
Flemington, NJ

The property was historically certified and a balloon from its lender had matured. Pennant procured a bridge loan to retire the existing lender.

Pallet Manufacturer

$4MM Asset Based Revolver Line
Prime +3%, 85% Advance Rate
Glassboro, NJ

This new company didn’t qualify for bank financing. Only one year old, but procured large contracts from blue chip big board companies and the A/R was strong

Circuit Manufacturer

$2.75MM Term Loan; SBA
10 Year Self Liquidating; 2.75% over prime adjusted quarterly
South Plainfield, NJ

Existing lender would not increase the line in order to provide permanent working capital. The company was growing and needed liquidity. Our investor retired the debt and provided $1MM in permanent working capital.