Testimonial
“Their extensive knowledge of the financial landscape acted as a beacon to us.”
Jonathan & Allison Brett
Owners
Highlands Self Storage
Facility in Franklin, New Jersey
I was introduced to The BSC Group at a critical time in my brand new venture. My wife Allison and I felt the self storage business was a perfect vehicle for our retirement—it included equity, an income stream plus enough freedom to get in our RV and vacation as we saw fit!
We spent several years searching for the right location, obtaining permits, seeking out builders and doing all the necessary steps required to build a new business from the ground up. We obtained a construction loan, began building and then the world blew up.
Our original lender was bought out, our builder filed bankruptcy and before we could finish construction our loan ran out. Luckily, our lender chose to extend our period for 6 months—but then one month later sold the loan to a private equity firm known for buying by the pound and selling by the ounce. We completed construction, and my original research paid off, because leasing went well despite the anemic economy. However, it was critical to find a permanent mortgage to get the private equity firm out of the picture.
That’s where The BSC Group comes into play. Their extensive knowledge of the financial landscape acted as a beacon to us during this difficult fiscal time. We were shown many different avenues to achieve our goal, and had many obstacles to overcome due to the poor national economy.
Our frustration level with the private equity firm reached a high and The BSC Group became the de-facto intermediary and kept them informed of the deal progress. We ultimately utilized the government’s SBA program, and are pleased with the final outcome.
Today, The BSC Group isn’t just a business partner, we consider them friends. The facility is doing very well and we hope to expand it in 2012. We anticipate using The BSC Group for their financing expertise when we do and look forward to it.
Back to November 2011 Newsletter
