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Hobbs Westport Marina is one of the largest dry storage marinas in North Carolina providing more than 600 slips for boats 17 to 40 feet in length.  Located on Lake Norman, near Charlotte, the company provides complete repair service for both storage customers and other boat owners on the lake.  In addition, the company offers gasoline, rental boats, bait and tackle, and parts and accessories for its customers.

Situation:

• Despite a long-term relationship with its existing lender for many years, the company was seeking to establish a relationship with a new senior lender in order to refinance existing debt and provide for ongoing working capital needs

Challenges:

• Many financial institutions viewed a marina as a real estate loan, and were unable to move forward given the condition of their existing real estate loan portfolio
• A 15 year or longer amortization was needed to properly match the company’s ability to service debt

Successful Solution:

• Anderson LeNeave introduced the company to a focused group of financial institutions
• A new senior credit facility was arranged with Capital Bank in conjunction with an SBA loan guarantee progra

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