No time for loans?
A huge myth surrounding SBA loans is that they’re very complicated to obtain, and the process takes way too long. Fountainhead always emphasizes that the enemy is not the SBA loan. Your experience with them relies on the lender you choose to borrow with. When you choose to grow with us, we do the hard work and solve the issues keeping your business from growing, and that’s exactly what occurred with Invert Sports.
Who is Invert Sports?
Invert Sports is no stranger to some rough water. Specializing in providing tow-away and on-site delivery of boat, jet-ski, ATV, and other water toy rentals, Invert Sports offers high quality rentals and services at any lake in the U.S. While navigating water obstacles comes naturally, jumping through hoops to obtain an SBA loan was not something it was prepared for. Luckily, Fountainhead acted as a coastguard and kept Invert Sports afloat.
How did Fountainhead help?
The original intent for Invert Sports was only to obtain a conventional loan. The issue occurred when the appraised value of the company was lower than anticipated, and it was unable to obtain the amount of capital needed under conventional guidelines. This was a quick fix for Fountainhead, which was able to change direction to meet the needs of Invert Sports.
The solution? Incorporating a 7(a) companion loan along with the original conventional loan. This gave Invert Sports what was needed for equipment and working capital and allowed for a successful closing.
“It wasn’t what we walked in expecting to do,” said Mich Elkouri, Fountainhead’s credit analyst. “But when different obstacles arise, we do everything we can to overcome them.”
For Invert Sports, borrowing from Fountainhead allowed for growth and new opportunities without dealing with a long, complicated process. While other lenders and banks expect you to solve every issue, Fountainhead specializes in SBA loans and knows how to adjust each company’s needs. Every person we work with is different, so why would each lending process be the same?