HANJRAH, INC.
25430 W. DORRIS AVENUE
COALINGA, CA

Project Details

PROPERTY TYPE

Gas Station & Convenience Facility

SIZE

67,829 sq. ft. Commercial Building on 1.6 Acres

ASSIGNMENT TYPE

Straight Purchase
SBA 504

THE BORROWER

Hanjrah, Inc. began in 2002 when husband and wife, Preetam Singh and Daljeet Kaur purchased a Valero in Dinuba, CA. The business has been family operated with both parents and sons heavily involved in the day-today operations. In early 2017, Satnam Hanjrah, became the President of the company as part of the family’s succession plans. The Valero Store has been a success and devising an expansion plan became a clear next step for this family. The second location in Coalinga will expand the business operating footprint and provide purchasing power that will benefit both locations. This family’s vision is to use the valuable lessons learned over the extended operating history of the Valero Store to buildout and optimize the profit potential inherent in the ARCO Coalinga station.

THE CHALLENGE

This project originated as an interim loan only for SCF REG, with a separate lender in first position and Tulare County CDC handling the SBA portion. Due to portfolio diversity concerns, the priority lien lender pulled out of the project prior to closing, leaving Hanjrah, Inc. without a lender. The ARCO station was built by developers and purchased by Hanjrah, Inc. in a completed state, so while construction was complete, the building itself was empty and not ready to meet a hard-opening date deadline.

THE SOLUTION

Enter Stonebriar Commercial Finance, and more specifically, its Real Estate Group (SCF REG). SCF REG stepped in as the permanent lender for a borrower whose underlying strength and vision was evident. We issued terms to provide the first lien, which the Borrower eagerly accepted. We were able to jump through a few difficulties to close on time and allow this family to continue their business expansion. SCF REG was able to use the third-party reports previously completed and funded this project in 5 weeks, start to finish.

THE RESULTS

With financing in place, the Borrower added a second location and a new franchise flag to their portfolio. This expansion helped local consumers and highway travelers providing stabilizing diversity to the growing family business. This family operated business was able to better utilize their capital to create higher profits through efficiency.

REQUEST MORE INFORMATION

Learn how Stonebriar Real Estate Group can help you get approved for a loan to help you grow your business.

2018-09-13T17:11:15+00:00