Helping The Horses
Term Loan Helping The Horses
Author: Stephanie Clarke
Date posted: 05.04.23

Husband and wife team, Cliff and Robin Harrison, own a horse boarding and training facility. Both have a lifelong love of horses, which is what drew them together early in their relationship. They also have years of personal and professional experience in the industry.

With the advent of professional horse racing in their area, they want to expand the farm’s offerings to include not only boarding and training but also rehabilitation programs for equines including tailored individual care programs to meet the needs of the horses. They have already acquired additional adjacent acreage with an existing building ideal for housing the rehabilitative care for injured racehorses. The goal is to help return the horses to optimal health and fitness through therapy and complete care.

With the continued growth of the thoroughbred industry in the U.S., local areas like the one in which the Harrisons live and work are in need of support services such as boarding, training, and rehabilitation services. The couple have high hopes of developing their farm into a world class facility to meet the needs of the industry in their region. Since the farm is already well-known in the area for best in class boarding and training, the addition of rehabilitation and therapy for their equine clients makes sense.

Helping The Horses

The existing building, set for the rehab facility, is in excellent condition due to the previous owners. However, considerable equipment will be needed to outfit a state-of-the-art property. The Harrisons will also need to hire additional staff for the rehab facility. With an excellent reputation in the industry, Robin has already begun interviewing new staff members. Meanwhile, Cliff begins pricing the needed equipment for the facility.

After pricing all the needed equipment, Cliff felt he had an accurate cost of $150,000. They meticulously outlined estimates and initiated a search for lenders providing suitable term loans with reasonable rates, meeting their criteria. With their stellar credit score and well-ordered financials, they hope to get a term of eight years or less. Having gauged the additional income they could generate with the rehabilitation facility, they felt they could easily pay off the loan of $150,000 within the term. If not sooner, they believed.

The Harrisons located a lender providing an eight-year term for $150,000 at an acceptable rate. Assuming their plan succeeded, they could repay the loan early and save extra funds. Subsequently, following loan acquisition, Cliff negotiated equipment purchase and oversaw installation, while Robin diligently trained new staff members.

Within the first year, their facility had a steady stream of clients that was growing rapidly. Moreover, at the five-year mark, the Harrison’s were well on their way to paying off their loan with months to spare. Furthermore, their financial success allowed for potential expansion.

Helping The Horses
About The Author | Stephanie Clarke

Stephanie has a bachelor's degree in psychology and has been a professional writer for over 15 years. Her client list includes New York Times bestselling authors, publishing houses, prominent public figures and successful business owners. She resides with her family in Florida.

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