Quaker State Commercial Finance

1950 Butler Pike #137, Conshohocken, PA., 19428

(610) 667-6701 (p) (866) 593-6320 (f)

December 16, 2014

“Hard Money” in the Naked City

A Tale of Despair and Redemption

It all started on September 25th when I received a call from one of our brokers in Florida (we have over 13,000 total), who had a very troubled borrower in Sheboygan, Wisconsin.

The borrower, who had been a successful Chiropractor for over twenty years, suffered a heart attack in 2012, could not work for six months and fell behind on his bills. Sounds familiar right? We hear this tale of woe all of the time. Although his business rebounded when he was able to work, he was caught up in a vortex of debt and was drowning in a sea of litigation. Not only was he was hit with an IRS lien, but then both the State of Wisconsin and the City of Sheboygan piled on other significant tax liens. Just to “spread the icing on the cake”, National Exchange Bank and Trust jumped into the fray and started foreclosure on his beautiful medical building. His credit had subsequently tanked to 400 and the wolf was at his door.

Obviously this borrower was looking for a lifeline. Remarkably, we were able to rescue this unfortunate professional. How was this possible? Since Quaker State Commercial Finance has over 450 Investors whom we have carefully husbanded over the 40 years since our founding; I was able to choose an Investor who likes nice properties and will lend to borrowers who have really poor credit; in this case a 413 mid score. By the way, if you have been in this business for over two weeks you know that 400 credit is not just bad, but horrible.

Fortunately, our Investor liked the property, verified the good doctor’s story, and approved the loan which closed last Friday. Obviously, our borrower was ecstatic and as an added bonus we were able to send our referring broker (who doubted that we would be able to close this loan) a nice check right before Christmas.

We at Quaker State Commercial Finance pride ourselves in our ability to help the small business person realize their financial dreams.

I am very proud to have played a part in this story of “Hard Money” in the Naked City.

Merry Christmas!