Fountainhead Commercial Capital Finances $1.44 Million New Jersey Warehouse Purchase
Online retailer MuchBuy.com purchases warehouse, office using SBA 504 loan program
Springfield, NJ, February 18, 2016 (Newswire.com) - Fountainhead Commercial Capital today announced it financed the purchase of a 15,537-sf warehouse and office for Wanda Development, LLC, the parent company of online retailer MuchBuy. The building, located on .77 acres at 65 Brown Avenue, was purchased for $1.44 million and will include the company’s headquarters as well as warehouse space for its inventory of more than 1,300 items such as LED lights, car and phone accessories, PC parts, outdoor equipment and pet supplies among other goods.
The owners moved from renting a facility to owning using the low interest rates and favorable terms for owner-occupied real estate offered by Fountainhead and the SBA 504 loan program.
"The owners of MuchBuy.com did the math and quickly realized that they can save money and build wealth by purchasing their facility and transitioning from renting to owning,"
Chris Hurn, CEO
“The owners of MuchBuy did the math and quickly realized that they can save money and build wealth by purchasing their facility and transitioning from renting to owning,” said Chris Hurn, CEO of Fountainhead. “This is the second online retailer we have financed in the past four months that is expanding its business and choosing to buy commercial property as a long-term savings and wealth-building strategy.”
MuchBuy sells a variety of items, including electronic products, LED lights, cellphone accessories, and computer accessories. It offers products at a fair price via its own site and Amazon.com and plans to soon expand Internet sales to the United Kingdom, Australia and Canada.
Fountainhead Commercial Capital, a nonbank lender specializing in the SBA 504 loan program, was founded by some of the most experienced and awarded SBA 504 lenders around. The company’s FastTrack504™ program enables banks and credit unions to fully outsource SBA 504 loans to Fountainhead so they simplify the SBA process for their clients and deal with specialists, while earning referring lenders non-interest (premium) income. More information is available by calling 800-770-1504.