Sometimes, dreams remain dreams. Other times, hard work, research, and brainpower can take a vision from nonexistent to reality. That’s precisely what happened in this case study, which focuses on a woman who wanted to expand her East Coast laundromat business.
When you think about a laundromat, it might not be a picture of fun. But the woman in this case study wanted to change all that. She’d spent years using a laundromat herself as she worked her way through college. She’d always thought laundromats could be more enticing but hadn’t had a chance to test that.
She researched options in the pursuit of owning her own laundromat and over the years, eventually owned a chain of 10 successful facilities.
Building on years of experience, she was ready to take the business to the next level. She knew that the process wouldn’t be easy, but she believed in herself and her abilities.
Through networking, she was made aware of another laundromat chain for sale – 20 units at a price tag of $2 million. Crunching the numbers, she knew this was a deal too good to pass up. But she needed financing to get the deal done.
She looked over all the loans and financing options available and, in the end, decided that a commercial real estate loan was the best choice.
She owned her existing laundromat facilities outright and had equity of over $3 million. She also had some cash she had been able to save. She was able to leverage the equity to get approved for a commercial mortgage. And the long payback period and low interest rate made this loan a no brainer. She now has one of the largest laundromat chains on the East Coast and has her sights set even higher!
Valerie has over 16 years of experience as a professional writer of blogs, eBooks, articles and press releases, with a focus on finance and alternative lending. Valerie resides with her family in Texas and is passionate about her horses.
