Magdalen’s Pure Skin Care LLC

The Opportunity

Magdalen had been renting the space for her day spa for 14 years, and she was tired of being limited in the improvements she could make and by a landlord who was slow to fix things. When her landlord offered to sell her the space, she jumped at the opportunity. She would be able to make the changes she always wanted, and her business wouldn’t lose any clients due to a change in location. All she needed now was a lender willing to help her finance the real estate purchase.

The Challenge

Magdalen called a couple different lenders, and after each call she left with a feeling of ‘this isn’t the right one for me.’ But when she got in contact with a loan officer from Celtic Bank, things just clicked, and she stopped looking. She had found her bank.

Things were going well, until her landlord decided not to sell her the space she had been renting. Magdalen now had a lender but no longer had a property to buy. Fortunately, her loan officer worked with her to find a new space that would match her business needs.

Magdalen’s day spa is part of a mixed-use complex of townhouses and commercial real estate. Turns out, two townhouses were available just a couple of doors down from Magdalen’s spa. The two units sat on the corner of the complex, had roughly the square footage as her current location. But once the units were connected and refitted for commercial use, the layout would provide a better spa experience. What’s more, the owner wasn’t her landlord and was actually willing to sell.

Because of Magdalen’s experience, good credit, and years in business, Celtic Bank was able to extend $731,000 to help her buy the property.

The Solution

With financing secured in July 2022, Magdalen purchased the property and began moving her business. The mortgage is only $200 more than rent and she finally has the freedom to transform her business space and provide the spa experience she always wanted. She opened the doors to her new location in October 2022 and is in the process of building out an employee space. At the moment, Magdalen is the sole owner and operator of the spa, and her business brings in over $380,000 a year. But with the purchase of this property, she hopes to hire employees in the future and grow her business revenue to $1.2M a year.