Bucks County natives Annie Morton and Michael Morpurgo manage two School of Rock locations that provide music education for all ages. They have been teaching a rock-and-roll curriculum since 2005 and are known for bringing an authentic experience and sense of community, creating a unique learning environment.
After successfully growing the business for years, in 2018, Annie and Michael found a new location for their Doylestown franchise. Needing financing, their real estate broker introduced them to Meridian Bank. Meridian provided an SBA loan allowing them to purchase and renovate the building. The loan was crafted with a three-year prepayment structure and minimal down payment.
Fast-forward to the summer of 2020, Annie and Michael found another property to replace their current Princeton location. Again, the musical duo chose Meridian to finance the building and renovations with an SBA loan.
In April of 2022, Meridian reviewed the Doylestown business and real estate to see if we could refinance their SBA loan before the prepayment period ended. Without any additional cash outlay, Annie and Michael successfully refinanced into a commercial mortgage right before the significant rate jumps of the summer, locking in their new lower interest rate for the next five years.
Annie and Michael are already working with Meridian toward the same outcome for their Princeton property once that is eligible to be refinanced penalty-free next fall.
With Meridian’s help, Annie and Michael:
- maximized purchasing power and minimized cash spent by using SBA loans to buy and renovate properties
- timed their switch from SBA to conventional financing on their Doylestown property to avoid significant interest rate increases
- received SBA payments throughout the COVID-19 pandemic during the challenging environment for retail businesses
If you are interested in learning more about your SBA financing options, and the advantages Meridian’s experience can provide, please don’t hesitate to contact me at firstname.lastname@example.org or 484-395-2063. I welcome the opportunity to earn your business.
Paul Avery is the Regional Vice President of SBA Lending at Meridian Bank. As the No. 1 SBA Lender serving the Philadelphia Metro area and a Top 50 SBA Lender in the nation, Meridian Bank provides SBA financing to a wide variety of industries. Our goal is to ensure the success of your venture through tailored financing, reliable experience, and a quick closing. Read more about Meridian’s SBA Preferred Lending Team.