Tuesday, April 15, 2014

NBS Financial Arranges $8.48M in Financing for Baxter Auto Parts

Baxter Auto Parts
NBS Financial Services President Ken Griggs and Finance Officer Paddy Ryan have arranged $8.48 million in permanent financing for a portfolio of seven retail properties totaling 87,819 sf owned by Baxter Auto Parts.

Rooted in the Northwest since 1936, family owned business Baxter Auto Parts sought local support in funding their portfolio. Financing was placed through a Portland-based credit union and a cash-out loan. It was a simple and low-cost process, and as a repeat borrower from NBS Financial, Baxter Auto Parts had resolute confidence in their ability. Terms included an approximate 70% loan-to-value on a five-year term with a 25-year amortization schedule.

“This deal truly represented the strong capabilities of our local partners,” Griggs said. “The loan provided flexibility to Baxter Auto Parts with working capital and it increased their business banking capacity because their real estate was no longer leveraged by their bank.”

With 35 stores spanning the Pacific Northwest and Northern California, Baxter Auto Parts is a prevalent name in the auto parts industry. 

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