Bay Colony Newswire

In December 2012, the 20 year “all-in” fixed rate for 504 loans fell below 4.0% for the first time in the history of the program.  Also, the 10 year rate, which adjusts every two months, is at a record low, hovering just above 3.05%.  It is a great time to use the 504 program.

In October, we welcomed Rosemarie Finn to our underwriting staff.  Rosemarie has a long and distinguished banking career, with the majority of her time spent with Bank of America.  In a very short period, Rosemarie has learned the ropes and has really helped us improve our responsiveness.  After four consecutive years of record growth, we needed to add to staff to maintain/improve our application turnaround time.  Even with substantial volume over the past quarter, with the addition of Rosemarie and the continued hard work of our underwriters, we do not have a backlog.  All completed applications are at the SBA or being actively worked on by our underwriters.  The result is an incredibly quick turnaround time.

$539,000 Real Estate Purchase in Southern, NH by a Construction Supply Company

$550,000 Purchase and fit-out of Veterinary Hospital in Topsfield, MA

$503,00 Project to install Solar Panels on an owner-occupied building in Worcester, MA

$1,100,000 purchase and fit-out of a commercial building for a computer consulting firm

$2,000,000 purchase of a facility for a metal recycling firm

$425,000 purchase of a building for a food market in Western, MA

$286,700 purchase of a commercial building fro a Cabinet Company on the South Shore

$12,600,000 for the construction of a residential care facility in Central, MA

$202,000 for building acquisition for a metal recycling firm in Rhode Island

$9,000,000 project for the installation of a Solar Panel array in Southeastern, MA

HVAC Company in Danvers, MA

• Project was purchase of real estate
• Donna McMillan from Eastern Bank was the lender
• $271,000 purchase price
• $114,000 Bay Colony contribution
• 10 new jobs will be created

Dental Practice in Brookline, MA

• Project was for the purchase and renovation of real estate
• $1,260,000 purchase price; Bay Colony contribution of $511,000
• Chris Berglund from Marlborough Savings was the lender
• 7 new jobs will be created

Internship Program in Lee, MA

• Project was the purchase and renovation of real estate, and refinance of other properties
• $4,176,000 total project; $1,700,000 Bay Colony contribution
• Mark McKenna from Legacy Bank was the original lender, then the bank was merged with NBT
• 6 new jobs will be created

Rehabilitation Center in East Longmeadow, MA

• Project was the purchase and renovation of real estate
• $1,987,000 project; $815,000 Bay Colony contribution
• Jeff Sattler from Nuvo Bank was the participating lender
• 15 new jobs will be created

Car Dealership in Avon, MA

• Project was for the purchase of real estate
• $800,000 total project – $330,000 Bay Colony Contribution
• Chuck Black from Bank New England was the lender
• 6 new jobs will be created

Athletic Center in Everett, MA

• Project was for the purchase of real estate
• $720,000 purchase price with a $292,000 contribution from Bay Colony
• Ed Doherty from Stoneham Bank was the lender
• 6 new jobs will be created

Sand & Gravel Company in Francestown, NH

• Project was for the refinance of existing loans
• Jay Dinkel from Hampshire First was the lender
• $590,000 total project with a $243,000 contribution from Bay Colony

Brewery in Weymouth, MA

• Project was for the purchase of real estate
• Brad Buckley at Century Bank was the lender
• $525,000 total cost with a $217,000 contribution from Bay Colony
• 5 new jobs will be created

Landscaping Company in Danvers, MA

• Project was for the purchase of real estate
• $1,245,000 total cost with a $512,000 contribution from Bay Colony
• Scott True from Danvers Bank (Now People’s) was the lender
• 11 new jobs will be created

Funeral Home in Orange, MA

• $1,272,000 total cost with a $516,000 contribution from Bay Colony
• Joe Sova from Fidelity Bank was the lender
• 2 new jobs will be created

Theater School in Lynn, MA

• Project was for purchase of real estate
• $560,000 total project
• $203,000 was the Bay Colony portion
• Ed Lamasney of Eastern Bank was the lender
• Company anticipates creating two jobs

Media Management Company in Salem, MA

• Project was for purchase of office condo
• $340,000 total project
• $141,000 was the Bay Colony portion
• Ed Lamasney of Eastern Bank was the lender
• Company anticipates creating 11 new jobs

Dog Training Company in Everett, MA

• Project was for purchase and renovation of property
• $1,333,000 total project
• $548,000 was the Bay Colony portion
• Shipley Mason of Century Bank was the lender
• Company anticipates creating 4 new jobs

Restaurant in West Stockbridge, MA

• Project was for the refinance of real estate
• $630,000 total project
• $134,000 was the Bay Colony portion
• Don Kuczarski of Pittsfield Co-operative Bank was the lender
• Project anticipates creating 3 new jobs