Although SBA 504 loans are primarily used for financing owner-occupied commercial real estate, the program does allow, in certain circumstances, for the acquisition of heavy equipment with a useful life exceeding 10 years.
In fact, we have just closed such a loan! Fountainhead is proud to announce its most recent closing, a $1,303,925 loan used for the acquisition of heavy equipment by Natstone, LLC, a manufacturer of thermal bluestone.
Natstone, located in Montrose, PA., acquired the necessary equipment needed to mine, treat, and ultimately manufacture natural stone products for patios, walkways, building facades, landscaping and pool decks. The equipment acquired included loaders, forklifts, large off-road trucks, backhoes, rock cutting equipment and a stone processing line.
Natstone is confident the rapid growth over the last 5 years for thermal bluestone will continue as consumers have a strong desire for natural stone and appreciate the safety aspects of the non-slip surface and the aesthetics of the uniform appearance.
The Fountainhead Team enjoyed working with Augusta Deluca, the owner of Natstone, and wish him the very best in becoming the leader in this industry. We look forward to seeing him create wealth by utilizing the 504 loan program to expand his business.
If you, or one of your clients, are seeking a loan for the acquisition of heavy equipment, please contact us and we will see how we can help!