It was Stacey Cote’s dream to own and operate a hospitality business in Southern Maine. When she found the property New Harbor Cottages for sale in Wells, she knew it was what she was looking for. She came to a Purchase Agreement with the owner, had some working capital, but needed financial help to purchase the property.
Because the property needed some improvements, she was a new hospitality business, and Maine was just coming out of the pandemic, banks were very cautious. After being denied a loan from other banks, her Realtor connected her to SMFA. SMFA in turn brought in Kennebunk Savings, and together they created a loan package to help Stacey purchase the property and the business.
Owner, Stacey Cote
“They fought for me, really worked hard and never gave up. Troy even drove paperwork to my Massachusetts home to make the process easier for me! Since we’ve opened, they’ve kept in touch and stopped by the business to check in on me. We simply wouldn’t have been able to buy this place without them. They went way above and beyond for me, and were just wonderful to work with!”
Stacey’s loan closed in 2022, making New Harbor Cottages SMFA’s first SBA 504 loan. The 504 loan supplemented the bank loan to finance the purchase of the property. This allowed Stacey to retain her capital to put toward the property upgrades and renovations that were necessary. New Harbor Cottages is now open for business and going strong!