Client Success Story
Winter Park Ski Rental SBA Loan Case Study
First Bank of the Lake Provides a $2.2 million dollar SBA Loan for Winter Park Ski Rental to Acquire Another Longstanding Ski Business
The Challenge
Company president Andy is a seasoned entrepreneur with a diverse portfolio, ranging from fitness centers in Dubai to mortgage businesses in the U.S. to dog kennels in Idaho. In 1995, he ventured into the ski and snowboard rental industry in Winter Park, Colorado, founding a business that has since grown to three locations with a team of 60 employees. His passion for improving the ski rental experience fueled the business’s success, but Andy was ready to take it to the next level when a unique opportunity arose.
A local couple, who had successfully operated Winter Park Ski Rental for 27 years, were ready to retire. They were looking for someone in the industry to carry on their legacy, and Andy was the perfect fit. Even though Andy was exactly what they were looking for, there were a few significant hurdles to overcome.
- The business’s revenue was highly seasonal, with most income generated between December and early March, making banks hesitant to lend.
- They faced competition from an all-cash buyer, typically a more attractive option for sellers.
- The deal needed to be closed in just 35 days.
Any one of these challenges could have easily derailed the acquisition.
The Solution with First Bank of the Lake
Having previously secured an SBA loan for another business; Andy understood the importance of being organized and prepared. When he was introduced to Dom Mossmann, a banker at First Bank of the Lake, Andy found a knowledgeable partner who was well-versed in SBA lending and aware of the potential challenges ahead. Dom was an eager partner, ready to step in and assist.
With a tight deadline of 35 days, Andy worked diligently to provide all the necessary financials, and a solid business plan. Together, he and Dom prepared a $2.2 million dollar SBA 7a loan application, which Dom managed to get through the bank’s underwriting process in just one week. The seller’s long-standing, stable business history and Andy’s thorough preparation played crucial roles in the swift approval.
“My banker, Dom Mossmann, was incredibly responsive, very knowledgeable, and understood all the intricacies of the deal. Time was going to be the biggest issue,” Andy said. Dom even took the time to speak directly with the seller on behalf of the bank, which helped reassure the seller and reduce any perceived risks.
The Results
The Numbers
SBA 7a loan
Days to close
Days in underwriting
First Bank of the Lake was the best banking experience I have ever had.
Andy
President, Winter Park Ski Rental
SBA Industry Loans
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