In all my years of practicing law (with a specialty in commercial real estate), I can honestly say that this was the most complex real estate transaction that I have ever been involved with. That being said, both Matt and his team at Dogwood State Bank were always readily available for assistance at every turn and tirelessly worked with us through every issue. I would highly recommend both Matt Putnam and Dogwood State Bank. Unlike big banks where you are merely just a number and there are endless amounts of red tape, they truly take the time to understand your business and genuinely care about your long-term financial success. I honestly feel that I have not only gained a valuable long-term business partner, but also a friend, which is a very rare commodity in today’s world of banking.
Client Profile
New Lazy is an independently licensed network of La-Z-Boy Furniture Gallery retail stores with two New Jersey locations and a third scheduled to open in January 2021. New Lazy offers a wide variety of living room, dining room, bedroom, and kitchen furniture and accessories. One of the best brands in the industry, New Lazy is dedicated to providing innovative, quality, American-made products with a focus on exceptional customer service. Their upholstery furniture products are backed by a lifetime warranty, and the option to customize allows for an endless variety of choices in addition to a large selection of in-stock products.
Loan Profile
With strong efficiencies and economies of scale within their operation model, Owner, Joe Youngblood decided he was ready to expand New Lazy into an additional New Jersey location. Identifying Freehold, New Jersey as an underserved market, he began looking into options for a third retail store. Quickly realizing that the rental rate in the area was very high, they decided instead to pursue a land purchase/commercial real estate project. After meeting through a mutual friend and evaluating several options, Joe and Matt Putnam determined to go with an SBA 504 loan. The SBA 504 loan enabled New Lazy to preserve capital expenditures, as it required only a 10% equity injection. It also provided them with long-term stability with a fixed interest rate for 25 years. Providing small businesses stability and the ability to preserve cash flow is a key benefit of the SBA loan products, and allowed Joe to channel resources into recruiting and training the best talent available for their new retail location.
If you are interested in an SBA loan and what it can do for your business, we are here to assist you. Learn more about our SBA Loan Programs and get to know our Business Lending Specialist, Matt Putnam here. An SBA loan could be the solution to your small business needs.
