Family-Owned Moving Business Accesses Capital from CDFI to Purchase Nashville Property
Client: OP Holdings LLC dba Catfish Moving Company
Client Location: Nashville, TN
CDFI: Pathway Lending
CDFI Service Area: AL, MS, TN
Financing and technical assistance, with support from the Finance Justice Fund
Orlando Pender II and his son are the owners of a family-owned moving company that has been serving the Nashville area for 26 years. A longtime client of Pathway Lending, they approached the CDFI in 2022 with a plan to purchase a property to serve as their office headquarters and create space for a self-storage facility.
Unable to secure traditional financing, Catfish Moving Company turned to Pathway Lending to help them become loan-ready and access the capital and technical assistance they needed. Pathway Lending worked extensively with Catfish Moving Company to create a business plan and projections for this opportunity.
Orlando also attended Pathway’s six-week Emerging Developer Program where he picked up valuable skills and made connections that allowed him to ultimately select the right location for his business.
In addition, Pathway’s Business Advisory Services team aided Orlando in finding a real estate agent and walked him through the due diligence process. Together, Pathway Lending and Catfish Moving Company found a property under market value which was zoned mixed-use and had several multifamily units and office spaces in place.
Since the purchase, Orlando has renovated all the units, moved his office and truck storage to the location, and secured a two-year lease with a major construction company to store their equipment onsite. The property is in a positive cash flow position. In the future Orlando plans to create a temperature-controlled storage facility, and an affordable housing development on the lot, which will make a great impact in Nashville.
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