GAF Assists a Security and Fire Detection Company Purchase Property to House its Growing Business
A very fast growing security and fire detection company turned to GAF for low cost financing to assist it in consolidating its headquarters from two locations into one and to keep it in the City of its origin.
Evergreen Fire and Security located in Tacoma, WA, was founded in 2000 by John Burgess, Jonn Forslin, and Troy Paddock. The company sells, installs, services, and monitors low voltage electrical systems that are used for access control, intrusion and fire detection, and other security and fire life safety systems. It services commercial and government customers throughout the United States and overseas including Europe, Japan, and the Middle East. The business takes pride in the fact that they employ some of the most experienced Fire Technicians, Designers, Engineers, and Project Managers in the industry including National Institute for Certification Engineering Technologies (NICET) Certified Journeyman (EL06) Technicians.
Over the last three years, Evergreen’s consolidated sales grew by over 130% and leading to the hire of well over 100 employees. To keep up with the growth, the company added additional office locations and a warehouse. As the business continued to grow, it became apparent that having its headquarters housed across multiple sites was not efficient. So, the owners decided that they needed to be housed in one location. As such, the business identified a larger location that was also located in Tacoma which would allow them to merge the sites together.
The company procured that property with $400,000 down and a $1,500,000 seller-backed financing loan which it planned to refinance in six months. To assist the company, GAF provided a financial package totaling $1,650,000 which included $1,150,000 in refinanced debt and $500,000 for cosmetic improvements, moving costs, permanent working capital, closing costs and other related expenses.
GAF provided this loan with very generous terms. Following a three (3) month interest-only period, the borrower will pay principal and interest at a fixed rate of 3.75% for the first five years of repayment, and a variable rate of WSJ prime 0.50% for the remaining term.
We are proud to assist this growing small business and keeping it in the community of its birth!