Coastal Elite Insurance
The last 12 months had been eventful at Coastal Elite. Brad Wise had purchased two large agencies, one with a $1.5M SBA bank loan. Brad wanted to acquire a third agency from a seller’s estate, which would give him access to a highly-valued insurance carrier. For this acquisition, Brad contacted several lenders — including AgileCap — to secure the $400,000 he would need to complete the acquisition in about 6 weeks. The selected lender, a bank, assured Brad they could secure the funding within his tight timeframe. But as the deadline approached, the bank backed out and Brad needed to throw a Hail Mary or lose the deal.
Brad reached back out to AgileCap for help at this desperate time. “AgileCap seemed to know there was a significant chance the bank wouldn’t deliver on its promise. They kept in touch with me throughout our underwriting process with the bank, suggesting we keep them in mind as a backup in case there was a problem.”
When the crisis occurred and Brad changed lenders, AgileCap pulled out all the stops to deliver his funding in time. We quickly and efficiently moved through the underwriting for four agencies, two acquisitions, one existing lender, and three legal entities. AgileCap coordinated complex negotiations with Coastal Elite, the seller’s attorney, the buyer’s broker and the SBA lender’s legal counsel to make sure the funds were delivered before the deadline.
AgileCap also facilitated an agreement that allowed Brad to consolidate his existing SBA loan with his AgileCap loan, potentially saving the agency money and simplifying repayment terms.
The overall process took about 2 months, with AgileCap working right down to the last moment. Brad submitted his last loan document for underwriting 36 hours before AgileCap delivered his funds.
“I knew AgileCap was bending over backwards to get me the funding I needed, in time for my acquisition. I knew I could contact my Loan Specialist day or night to get an update or to update him on pertinent info. I enjoyed working with AgileCap and I was happy to have someone in my corner throughout this process.”– Brad Wise
OUTCOMESThe acquisition and loan consolidation allowed Brad to grow annual commissions for his group of agencies to around $1 million. Without AgileCap, Brad couldn’t have acquired the third agency and would have defaulted on his purchase agreement with the seller’s estate. Though the process was complicated, stressful and occasionally frustrating, Brad ended every phone call with a sincere “thank you” to communicate his great appreciation for AgileCap’s dedication, attention and care.
BENEFITS TO WORKING WITH AGILECAP
based on Brad Wise’s experience
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