Today, small businesses across the country are suffering in unprecedented ways. More than ever, our asset-based real estate loans are needed – and we’re proud to make a difference in our own small way. Together with our family of investors, we help Midwestern-based businesses secure the capital they need to grow and thrive.
Lending A Helping Hand With Lending That Makes Sense
Ohio-based businessman Jean Louis loves helping people. An accountant by trade, his side job is real estate – specifically providing safe, up-to-code rental options for low-income individuals and families.
“Rehabbing houses is a cash-intensive business,” said Jean. “I’ve never had the luxury of qualifying for a traditional loan, not with how I got my start in real estate. On my early projects, I’d run up my credit card balances to cover permitting and contractor costs – and the numbers add up quickly. I would then have to wait to pay down that debt using rental income before I could start again. Now with Prospera, I put my numbers together, present them for approval, and get the capital I need to cover my projects. Working with Prospera is easy and, really, it feels heaven-sent.”
One recent project in Columbus involved a large 4-bedroom, single-family home Jean received as part of the city’s drive to breathe life into older neighborhoods. Using a bridge loan from Prospera, Jean completely overhauled the property, from structural improvements to new plumbing and electrical, and everything in between. Because a large house with a high rental price tag didn’t make sense in the neighborhood, he also divided the property into separate, more affordable apartments. Today, four individuals call the place home – and it’s the “best building by far” for miles.
“I have more rental requests than I have properties,” Jean continued. “With Prospera’s help, I’ve been able to accelerate my efforts. Projects that used to take me years now take just months. The end result is I can help more people. I’m making a difference in my community.”
More of our SBRE loan solutions in action.
Using loan proceeds, a Columbus, Ohio-based transportation company paid off a cumbersome bank loan and enlarged its fleet, helping it win – then fulfill – a contract with the State of Ohio.
Loan Amount: $450,000
Property Value: $1,100,000
Using loan proceeds, a Columbus, Ohio-based commercial contractor made capital improvements to an office building – helping it generate monthly income while creating a safe, updated home to four local small businesses.
Loan Amount: $438,000
Property Value: $526,700
A hard-working Midwestern truck driver purchased real estate to help fund his and his wife’s retirement. When the 2008 recession came along, he lost his holdings – except for a single apartment building. Using one of our loans collateralized by the property, he was able to pay off the bank to improve his credit score while saving his investment – and his future retirement.
Loan Amount: $320,000
Property Value: $675,000
