ARRIBA CAPITAL CLOSES $750,000 MARINA LOAN IN CICERO, NY

Arriba Capital (Arriba) successfully closed a $750,000 loan for the expansion of an existing Marina and restaurant facility in Cicero, NY. The new financing facility enabled the sponsorship to more effectively utilize their lake front property. The loan proceeds were used to complete essential site improvements—including the acquisition of a mobile kitchen and upgrades to the existing pontoon boats and jet skis—while providing enough working capital to finance the business operations during the six to twelve month ramp up period. 

Challenge: The existing marina had limited cash flow, which initially made a new debt structure difficult to support. The restaurant was a new concept, so there were no historical operating numbers to reference.

Solution: Arriba worked hand in hand with the borrower to compile a comprehensive business plan, which included: financial projections, detailed budget, market analysis, and a step-by-step timeline and process for the business to become successful. By demonstrating the market potential, along with a strong collateral position, Arriba was able to identify a small community bank that believed in the business and was willing to finance the opportunity under the SBA 7a Loan Program.