Atlantic House Bed & Breakfast
$650,000 | SBA 7(a) Loan | Ocean City, MD
Brian & Josephine McCarthy, proprietors of the Atlantic House Bed & Breakfast, purchased their property after successful careers in the food service industry. Undeterred by the highly seasonal nature of the business, the McCarthy's have consistently increased sales year after year. They experienced a rise in repeat business as a result of adding numerous amenities and providing world-class service—something now recognized as a hallmark of their inn.
Thinking a large, well-known regional bank would ensure direct and timely access to financial expertise and assistance, the McCarthys initially worked with one to finance the acquisition of their business. As a rate adjustment loomed on the horizon, their phone calls and inquiries went unanswered. The lack of customer service and support sent the McCarthys looking for alternatives to meet their financing needs.
In search of a predictable financing solution, with fair terms, and a company they could trust to deliver, the McCarthys found Pacific Western Bank who recognized this as the opportunity—an opportunity to provide secure financing to savvy small business owners and borrowers. Pacific Western Bank was able to provide the McCarthys with a fully amortizing long-term solution through an SBA 7(a) loan while simultaneously lowering their monthly debt service by 17%. Ultimately, this reduction will allow their business to build a larger reserve for future capital improvements as well as ease any cash flow issues in the off-season.