SAN FRANCISCO, August 20, 2019 (Newswire.com) - Capital Access Group (www.capitalaccess.com), a commercial real estate lender specializing in U.S. Small Business Administration 504 loans for growing businesses, recently helped Dr. Craig Bindi, the owner of the Laser Eye Center of Silicon Valley, access $8.35 million in total project financing through the SBA 504 commercial real estate loan program to purchase a 12,944-square-foot office and retail building located at 606 Saratoga Avenue, San Jose, CA. The Laser Eye Center of Silicon Valley has two locations, one in San Jose and the other in Pleasanton, CA. Dr. Bindi purchased the Pleasanton building in 20150.
A graduate of the University of California Davis School of Medicine, Dr. Bindi has performed over 50,000 LASIK procedures, and is ranked in the 99th percentile of U.S. eye doctors. He is also the Oakland Raiders’ team ophthalmologist and boasts a patient roster that includes Olympic athletes, musicians, Silicon Valley business leaders, actors, and a handful of his fellow ophthalmologists. The flourishing business currently employs 14 people and expects to hire an additional two or three in the next few months, according to Bindi.
It feels great to own the property, because for a long time we were paying rent to someone else. I love the fact that I can own the building that we work in every day, and as the landlord, we're paying ourselves.
Dr. Craig Bindi, Owner, Laser Eye Center of Silicon Valley
“It feels great to own the property, because for a long time we were paying rent to someone else,” said Dr. Craig Bindi, Owner, Laser Eye Center of Silicon Valley. “I love the fact that I can own the building that we work in every day, and as the landlord, we’re paying ourselves. I think this will ultimately be the biggest part of my retirement.”
The purchase might not have happened, however, without the SBA 504 loan program, which provides access to low down payment, fixed-rate, long-term financing so that small businesses can preserve cash and grow their business.
“It's a high-ticket item, so being able to come in with such a low amount of principal, it very well might not have happened if it weren’t for that,” said Bindi. “That was the difference between making me feel comfortable with this and not wanting to do it. This was attractive, and it worked.”
Dr. Bindi and his team were also impressed with the service they received from Capital Access Group.
“The entire process was efficient,” said Bindi. “Every interaction that we had with Claudia (Cohen) was reassuring and professional. Because of her good relationships with the banks, we had three banks that we were able to consider.”
“This purchase will help the Laser Eye Center of Silicon Valley continue to excel in providing modern vision correction procedures to people throughout the Bay Area,” said Bindi.
“It was a pleasure helping Dr. Bindi and his team access the SBA 504’s low down payment financing so they could purchase their San Jose-based office,” said Claudia Cohen, Senior Vice President, Capital Access Group. “After many years of paying rent to a landlord, Dr. Bindi is now paying rent to himself with the added benefit of securing his retirement.”
About Capital Access Group: Capital Access Group is a leading statewide Certified Development Company based in San Francisco, authorized by the U.S. Small Business Administration to provide long-term, fixed-rate financing through the SBA 504 loan program, which offers 90% financing to business owners for the purchase, renovation, or construction of commercial real estate for their growing businesses. Founded in 1981, Capital Access Group has helped thousands of entrepreneurs grow their businesses and realize their dreams of owning their own buildings. Currently, the SBA 504 interest rate is 3.52%, fully amortized and fixed for 20 years. For more information, please visit www.capitalaccess.com.
Source: Capital Access Group