10A — April 11 - 24, 2014 — Mid Atlantic Real Estate Journal
www.marejournal.com
F INANCIAL D IGEST
David Merkin of Eastern Union negotiates senior loan Small business gets big lift through$1,560,900 Eastern Union loan
H
Y A T T S V I L L E , MD — EASTERN UNION Eastern
U n i o n Fund i ng arranged a $1,560,900 l o a n f o r t h e r e f i - n a n c e o f single-ten- ant, owner o c c u p i e d
David Merkin
building in Hyattsville. The loan was originated and negotiated by senior loan consultant David Merkin . The loan was provided by Liberty SBF and covers
Kenilworth Laundromat, 4711 Kenilworth Ave., Hyattsville, MD
85% of the valuation for the property--Kenilworth Laundromat, located at 4711 Kenilworth Ave. The rate is prime plus 200 basis points for 25 years. “The client refinanced a loan which was costing him eight percent interest,” Merkin said. “We reduced that to five and a quarter which put thousands of dollars in his pocket. The loan was supplied in accordance with the Small Business Administration, a government agency that provides support for small businesses and entrepre- neurs. There has been an uptick in loans for small busi- nesses recently, but secur- ing these loans can be, as Forbes Magazine put it in a March 4 article, “ a very de- manding process.” To gain confidence from a lender for a given investment, banks need a clear picture on the deal, which can be a rigor- ous. Even still, Forbes writes hints at good news for main street: “small business own- ers can dramatically in- crease their chances of se- curing loan approval.” Merkin’s client witnessed all this firsthand. “Getting an SBA loan can be a difficult process, but David’s persistence and knowledge were key in keep- ing the deal together and making my dream a reality,” said Michael Frizzell, owner of Kenilworth Laundromat. In this case, the first ap- praisal came in short. Mer- kin went through that with a needle and thread, and ulti- mately the second appraisal guaranteed the loan.
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