ValueXpress closed on a $5-million first-mortgage loan commitment with its Mississippi banking partner, Guaranty Bank and Trust Company, on a 90% guaranteed SBA 7(a) loan for a beverage distribution company located in Batesville, MS. The property securing the loan is a one-story 59,500-square-foot industrial warehouse/distribution building and a 5,600-square-foot maintenance building, both constructed in 2000 on a 22.65-acre site in Batesville, MS. The main facility is a 3-section building consisting of a 9,500-square-foot office complex with a lobby, gift shop, administrative and executive offices, training and conference room, and storage rooms. The center section is a 20,000-square-foot delivery truck staging area with a ceiling height of 27 feet and overhead glycol piping utilized to keep truck cargo cold. The warehouse is 30,000 square feet and climate controlled with a ceiling height of 22/27 feet. The facility was constructed at a cost of over $6.5 million in 2000. The property is in excellent condition and is located within a half-mile of I-55, enabling trucks to quickly travel to distribution points within the company’s market.
“The borrower gave me a great big bear-hug at closing,” commented Jay Bhakta, a senior loan originator at the ValuXpress Jackson, MS office. “After the loan was rejected by the USDA Business and Industry (B&I) guaranteed loan program in the fall, the borrower thought the deal was dead. But we brought it back from the ashes!”
“The SBA applauds the efforts of Guaranty Bank and ValueXpress in processing and closing this SBA loan on behalf of the borrower,” said Rhonda Fisher, Supervisory Lender Relations Specialist for the Mississippi District Office of the SBA. “This $5-million loan was the first loan in the State of Mississippi approved and closed at the new SBA limits,” commented Fisher.