FFC FLEX Makes the Purchase of an ACLF and an SBA 504 Possible

Andrada Sunshine purchased an existing ACLF for a total project of $1.33 MM by means of traditional SBA 504 financing. Initially, the project stalled as the cash equity requirement of the 504 had become an insurmountable hurdle for the borrowers. Enter the FFC FLEX loan.

Thanks to the FFC FLEX loan, an affiliated company was able to borrow enough in a refinance from Florida First Capital Finance Corporation (FFC) to be able to meet the cash injection requirement for the 504 loan.

The purchased facility is now known as Loving Heart Home of Williston and is located at 507 S.E. 1st Avenue in Williston. Williston is in Levy County and has a population of a little over 2,300. Mr. and Mrs. Gregorio Andrada, owner/operators of Loving Heart Home, were both born in the Philippines and now successfully operate three other ACLFs.

Mr. Andrada said, “Without the imaginative financing structure put together by FFC, we would never have been able to make this purchase and provide Williston with a more modern and better run ACLF.”

FFC just announced its new FLEX Loan Program to the small business community as an adjunct to its SBA 504 Loan Program. The FLEX, as previously reported, can provide funds to small businesses for purposes which are not eligible for SBA 504 funding. In the case of Andrada and Loving Heart Home, FFC was able to refinance an existing mortgage held by an affiliated company wholly owned by the Andradas, and that refinancing made both the purchase and the 504 possible.

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