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<!doctype html public "-//w3c//dtd html 4.0 transitional//en" "http://www.w3.org/tr/rec-html40/loose.dtd"> <!--website by pixellence www.pixellence.com--> <html> <head> <LINK REL="stylesheet" HREF="../aes_styles.css" TYPE="text/css"> <title>Success Story | Car Wash</title> <meta name="generator" content="bbedit 5.0"> </head> <body > <div align="center"> <table class="content" cellpadding="0" cellspacing="0" > <tr><td align="center" colspan="2"><a href="../index.html"><img src="../images/aesTop.jpg" width="889" height="173" border="0"></a></td></tr> <tr><td class="Topnav" align="center" colspan="3"> <a class="navTopFirst" href="../About.html">About Us</a> <a class="navTop" href="../NeilSeiden.html">Management</a> <a class="navTop" href="../News.html">In the News</a> <a class="navTop" href="../Success.html">Success Stories</a> <a class="navTop" href="../Contact.html">Contact Us</a> <a class="navTop" href="../payment.html">Payment</a> </td></tr> <tr><td valign="top" width="197"> <div id="leftnav"> <table class="leftTable" width="197" cellpadding="4" cellspacing="0" border="0"> <tr><td align="right"><a href="../debtEquity.html" class="navleft">Debt & Equity Financing</a><br/><img src="images/empty.gif" width="190" height="0" hspace="0" vspace="0" border="0" align="right"> </td></tr> <tr><td align="right"><a href="../M&A.html" class="navleft">Mergers & Acquisitions</a></td></tr> <tr><td align="right"><a href="../strategic-alliance.html" class="navleft">Strategic Alliances</a></td></tr> <tr><td align="right"><a href="../strategic-planning.html" class="navleft">Strategic Planning</a></td></tr> <tr><td align="right"><a href="../Business-plans.html" class="navleft">Business Plans</a></td></tr> <tr><td align="right"><a href="../cfo.html" class="navleft">CFO Services</a></td></tr> <tr><td align="right"><a href="../turnaround.html" class="navleft">Turnaround Consulting</a></td></tr> <tr><td align="right"><a href="../troubled.html" class="navleft">Troubled Company Services</a></td></tr> <tr><td align="right"><a href="../expense-reduction.html" class="navleft">Expense Reduction</a></td></tr> <tr><td align="right"><a href="../disaster-relief-loans/forms.html" class="navleft">Forms</a></td></tr> <tr><td align="right"><a href="../Expedite-IEEPA-Tariff-Claims.html" class="navleft">Expedite IEEPA Tariff Claims </a><br></td></tr> <tr><td align="right"><a href="../ERC-Services.html" class="navleft">Monetization of ERC </a><br></td></tr> </td></tr> </table> </div> </td> <td width="692" valign="top" align="left"> <table class="tomb" cellpadding="5" cellspacing="0"> <tr><td> <p class="tombstones"> <font color="#058063"><b>Financing Challenge:</b></font><br> <img style="margin: 0px 5px 5px -10px;" src="carwash.gif" width="164" height="129" hspace="0" vspace="0" border="0" align="left">A local car wash sought to reduce its monthly debt service payments by either refinancing its outstanding loans or borrowing against the unencumbered real estate that it owned. The existing loans carried interest rates ranging from 9.25% to 13.75% and required monthly principal payments that the Company could not afford. The Company is tax oriented and does not report a profit in any of its three operating companies. The Company applied for financing from several commercial banks but was turned down by each. </p> <p class="tombstones"><font color="#058063"><b>Creative Financing Solution:</b></font><br> Asset Enhancement Solutions, LLC successfully arranged a $350,000 first mortgage against the Company's real estate which allowed the Company to cash-out from the real estate it owned.</p> <p class="tombstones">The new lender did not require the Company to provide historical tax returns or financial statements!</p> <p class="tombstones">The amortization period was 15 years at a very fair interest rate considering the circumstances. The Company was able to reduce its monthly debt service payments by $3,243 or 44%, from $7,425 to $4,182 per month.</p> <p class="tombstones">The Company paid off 100% of its outstanding loan balance of $231,000 and used the balance of the proceeds as a cushion for future working capital requirements.</p> <p class="tombstones">The new lender did not require the Company to terminate the loans that were paid off with the mortgage proceeds which provided the Company with additional lines of credit should it ever be needed.</p> </p> <p><font color="#058063"><b>Contact</b></font><br>Neil Seiden, 516-767-0100<br><a href="mailto:[email protected]">[email protected]</a> </p> <p><< <A HREF="../Success.html"><b>Back to index</A></p><br/> </td></tr></table><br/> <br/> </td></tr></table> </td> </tr></table> </div> </body> </html>