Put very simply, Michael is very professional, very experienced, and very nice. He is trustworthy, responsive, and responsible. Our experience was great, and we would highly recommend him and his bank. The SBA process can be arduous, but it was worth it for the results we got.
Client Profile
Inlet Inn is located in the small, historic town of Beaufort, North Carolina. Originally built in the 19th century and rebuilt in 1985 after the original structure burned down, the Inlet Inn has been a popular destination among travelers since its beginning, with stories going back to the 1800s. Then, the inn was owned by musicians, and its top floor ballroom was the site of live music and dance parties. Today, guests of the inn will find a grand piano in the lounge, a nod to the inn’s original intent and rich past. When visiting the 36-room inn, guests can expect old-school service, a longstanding tradition of the inn, like complimentary breakfast brought to their rooms, to be enjoyed on their waterfront balcony. The town of Beaufort offers a different pace of life with fresh seafood restaurants, bakeries, and coffee shops all within walking distance of the inn. Visitors will find no shortage of natural beauty and outdoor activities in Beaufort, from glimpses of wild horses and dolphins to sunset catamaran cruises.
Loan Profile
No strangers to the inn, Jay Tervo and Barbara McKenzie got engaged at the Inlet Inn on Christmas of 1993. Now, some 30 years later, they own the inn together, seeing themselves as temporary caretakers of an inn that has far preceded them and will long outlive them. The relaxed lifestyle and safe, vibrant community of Beaufort brought them back after decades of living in nearby Wilmington, North Carolina. The opportunity to purchase the inn came as a surprise to them, but the timing was right. Jay, a former publisher of travel guides for the coast of North Carolina, and Barbara, recently retired from a long career as a classical pianist, saw the inn as an engaging and creative way to extend their career lives. Having found success with the SBA program when they originally purchased the inn in 2019, Jay and Barbara decided again to pursue the SBA route when looking to refinance the inn. The SBA 504 Program combined with an SBA 7(a) loan for working capital provided lower interest rates and a variety of loan choices to fit their unique needs. This time around, the SBA Program has allowed Jay and Barbara to take on new projects to upgrade their beloved facility, replacing windows and flooring, shutters, doors, and more. We were glad to play a small role in the future of the Inlet Inn as Jay and Barbara continue to provide a high-quality experience for their guests.
For more information on our SBA 7(a) and SBA 504 loan programs and to get to know Business Lending Specialist, Michael Johnson, explore our website!
