Client Success Story
Reed’s Moving Services SBA Loan Case Study
First Bank of the Lake helps Reed’s Moving & Storage move into their forever business home
The Challenge
Meet Isaac and Shannon Reed, the dynamic duo behind Reed’s Moving & Storage in South Florida, who also own and operate Electric Motion Golf Carts, a golf cart rental business in another location. After a decade of running two businesses, in two locations, the Reeds were ready to consolidate everything under one roof – and, most importantly, own that roof.
Their journey had been a rollercoaster, moving three times in ten years because their rented buildings kept getting sold. Isaac shared, “We needed a forever home for our businesses as moving an 11,000 square foot warehouse is a lot of work.” Ownership wasn’t just about stability; it was a long-term investment in their future.
The Reeds quickly recognized the opportunities an SBA loan offers and were ten months into the application process when they hit a major snag. Just 30 days before their scheduled closing, they were notified by the previous lender that they would no longer be able to provide financing, leaving the Reeds in a tight spot. With the clock ticking, they urgently needed to find a new lender and financial solution.
The Solution with First Bank of the Lake
Enter Eric Dunham from First Bank of the Lake. He and his team worked wonders, getting the original loan underwritten and approved in just two weeks. Isaac praised, “First Bank of the Lake was a true partner to help me grow and stabilize my business.” The Reeds were quickly approved for a $3.3 million SBA 7a loan from First Bank of the Lake, featuring a special 3-year fixed rate, which will then convert to a variable rate. And just like that, the Reeds were back on track.
Isaac compared their situation to a sports game: “We were in overtime with one minute left in the game. I was astonished we were able to get my SBA loan done with First Bank of the Lake in so little time.” This allowed them to purchase an 11,000 square foot commercial building, complete with office space and funds to make some improvements. “First Bank of the Lake came back to save us at the last minute after things fell apart with the other lender. In fact, we were able to close the $3.3 million SBA 7a loan with First Bank of the Lake in less time than it took me to get my car loan,” they shared.
The Results
Thanks to First Bank of the Lake, the Reeds secured a $3.3 million SBA loan and now own their South Florida property. This move has allowed Isaac and Shannon to focus on growing their businesses instead of worrying about constant relocations. By partnering with First Bank of the Lake, their SBA 7a loan was funded in just four weeks and the Reeds have now settled into their new commercial real estate property.
With the purchase of their new commercial real estate space, the Reeds are much better equipped for warehousing, which is a large part of their moving business. “Having our own property will have a remarkable impact on our lives. By having both businesses in one location, we can be more hands-on and facilitate much higher growth,” Isaac said.
When asked to grade his SBA 7a loan experience with First Bank of the Lake, Isaac didn’t hesitate: “An A+, I’d give them an A+. I would recommend First Bank of the Lake to any SBA borrower – 100%.”
The Numbers
7a Loan for Reed’s Moving & Storage
Days to underwrite and approve the loan
Days to underwrite, approve and close the loan
The First Bank of the Lake rep and I bonded over faith, fishing and finance. They got my loan done in under 30 days in very, very trying circumstances. Miraculously, First Bank of the Lake was able to push up the closing date and close our loan after another SBA lender went out of business.
Issac Reed, President, Reed’s Moving Services
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