Case Study: Bowling As A General Purpose
A former client wanted to refinance his SBA loan since it had a variable interest rate and rates had risen substantially since the loan was put in place.
Bankers normally consider bowling buildings to be special purpose rather than general purpose and consider special purpose buildings to be a higher risk. As a result, they generally loan a smaller percentage of the value.
We were able to show that this building was a general purpose building due to the large size relative to the bowling space. Since the building had a flat floor except for the lanes, the bank agreed that they could loan a higher amount relative to the appraised value. They offered a ten year fixed rate of interest.