USDA B&I Loan Purchase
- 1st Mortgage:
- Term: 15 years
- Prepayment Penalty: 5,4,3,2,1
The lender used the USDA B&I loan program to refinance a $4.1 Million loan to a diversified company based in Skagaway, Alaska. The borrower is involved in a variety of businesses ranging from commercial construction projects that include the Skagaway airport expansion, rebuilding docks, projects in Sitka including crushing work for a Pipeline Services company to leasing of tug boats and marine barges to operating a rock and gravel quarry in Chugiak serving government, business and residential clients with all types of rock products (including landscaping stone and gravel), besides inventory of rock for roads, railroad lines and ports in the area. The borrower has been working with various state government agencies in Alaska since 1999. Affiliated companies of the borrower have done excavation and concrete work in difficult locations on the White Pass Railroad, a tourist railroad patterned after the St. Kitts Scenic railway in the Caribbean.
Thomas USAF has been committed to helping rural businesses in the secondary market for the last 30 years. As a leading purchaser of USDA B&I loans, Thomas USAF is happy to be a reliable provider of liquidity and profit for lenders making loans available to businesses that create jobs in rural areas. Call us to get the best in class of “turnkey” service along with the highest price on your USDA loan sales.