TMC Financing Helps Las Vegas Photography Company Lower Occupancy Costs with $7.2M Refinance Loan
Founded over five decades ago, Cashman Photo Enterprises has earned a sterling reputation for delivering premier photography services for a wide array of events and occasions. With a commitment to excellence and a deep-rooted presence in the Las Vegas community, Cashman Photo sets the standard for professionalism in the industry.
In 2020, Robert Dolan, President of Cashman Photo, purchased adjacent buildings located at 6295 & 6265 South Pioneer Way, Las Vegas, NV. These properties not only became their corporate offices but also served as a professional studio and a commercial photo and printing lab. Notably, Dolan was also leasing several smaller studio spaces in the area.
However, financial challenges arose amidst the pandemic, prompting Dolan to recognize the urgent need to discontinue leasing and consolidate their operation to a single facility.
“Our business has a loyal customer base but when the pandemic hit, it became imperative for us to not only improve sales, but also find a way to reduce overhead costs,” Dolan explained.
Dolan explored conventional refinancing options but was unable to meet the high down payment and eligibility requirements.
Por suerte, Chris Hunter, TMC Financing’s senior vice president, introduced Dolan to an alternative solution offered by the Small Business Administration – the SBA 504 Refinance Loan Program.
SBA 504 Refinancing the Right Choice
The SBA 504 Program enables small business owners to access up to 90% financing for the purchase, renovation, or refinance of commercial real estate. With attractive features such as a low-down payment and below-market interest rates fixed for 25 years, the program proved to be the ideal choice for Cashman Photo.
Lowering Occupancy Costs with Support from TMC Financing
Guided by Financiamiento TMC, Dolan seized the opportunity to refinance Cashman’s existing high interest loan into a more affordable SBA 504 loan, reducing the business’s occupancy costs.
“SBA 504 financing was instrumental in strengthening Cashman’s financial stability,” said Dolan. “By consolidating our debt and our operating locations, we’ve streamlined our production and significantly lowered our monthly payments. I only wish I had known about the 504 loan option years ago; the terms are unbeatable.”
Hunter further highlights the advantages of Dolan’s strategic financial decision.
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“The 504 Refinance Program was the perfect solution for Robert,” said Hunter. “Cashman’s $7.2M loan package strategically replaced the high interest rate of their hard money loan– an option that many qualified business owners are unaware of.”
By refinancing with an SBA 504 loan, Dolan transitioned from leasing multiple studio spaces to owning a single facility outright, while simultaneously lowering their monthly expenses. Cashman Photo is now well-positioned to navigate future challenges with confidence while pursuing new opportunities for growth and innovation.
Today, as a testament to their success and commitment to community engagement, Cashman Photo also supports events hosted by Nevada’s SBA District office, reflecting their dedication to fostering economic development and educating fellow business owners about available financial resources.
To learn more about the SBA 504 Refinance Program and how it may benefit your business, please contact TMC Financing today.
Acerca de la financiación de TMC
Founded in 1981, TMC Financing is the leading provider of SBA 504 commercial real estate loans in the nation, funding projects worth over $14 billion across Arizona, California, Nevada, Hawaii, and Oregon. Over 7,000 businesses have benefited from this financing, resulting in the creation of an estimated 60,000 jobs.