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.

The existing building to be used for the rehab facility is in excellent condition thanks to the previous owners, but 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 while 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. He and Robin carefully laid out the estimates and they began their search for lenders offering term loans with reasonable rates who could meet their requirements. 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.

The Harrisons found a lender who offered them an eight-year term for the $150,000 at a rate that was acceptable to them. If all went according to plan, they believed they could pay off the loan in less than the term and save some additional funds. After securing the loan, Cliff negotiated a purchase price for all the equipment needed and began supervising the installation while Robin trained the new staff members.

Within the first year, their facility had a steady stream of clients that was growing rapidly. At the five-year mark, the Harrison’s were well on their way to paying off their loan with months to spare.

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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