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Chanate, Valley View & Five Palms
Apartment-style Assisted Living Facility
"On behalf of my family, thank you sooo much for your patience, support, understanding, and never giving up on us!"
– Josephine Credo
The Opportunity
This is a multi-location family run business on the West Coast, with the parents and the daughter all holding administrator licenses. Providing empathic care for their residents, some with mild dementia, is what the owners focused on most. So with resident care consuming almost all their waking hours, they needed a great deal of help in the refinance of nearly matured mortgages.
The Challenge
The obstacles were many; but in short this was a high loan-to-value request with an existing mortgage holder wanting a commitment in two weeks, and the owners needed a good amount of hand-holding.
The Solution
Celtic Bank’s underwriting and processing team in Utah understood the challenge with the higher loan-to-value, the extra analysis required to review three separate businesses and of course the short timeframe available to close the loan. Together with Jim Harris, the Celtic Bank team did in fact solve the many obstacles that arose, and our borrowers were left to run their businesses with minimal interruption.
Quick Look
- $1,524,300
- SBA 7(a) Loan
- Assisted Living Facility
Save For Later
Case Studies
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“The biggest thing hands down was that other banks wanted to see a longer runway of performance where Celtic was like, ‘You know what? This building’s going to get turned around and become profitable and we’re willing to loan off of proforma. We trust the people that are behind it.’ And that was so refreshing.”
– Michael Wright
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