JDB of GB, Inc. – The Maryland franchisee of Byrider Franchising, LLC, one of America’s largest “buy-here, pay-here” used car dealerships and franchise systems, had an impressive history of profitability for almost 20 years, serving credit-challenged buyers from two locations. However, when the existing lender was acquired by a larger bank, it was no longer interested in lending against consumer receivables. Despite never missing a payment nor having a financial loss, the Company was being forced out of the bank.
SC&H Capital was introduced to JDB of GB by the incumbent lender and tasked with refinancing the secured debt or facilitating a sale of the Company. SC&H quickly completed an exhaustive marketing process and identified multiple groups interested in refinancing the debt or purchasing the Company. Ownership strongly preferred to continue operating the business versus selling, and an all-inclusive proposal from a local community bank provided the best option for the business. The incumbent lender was paid in full, and ownership kept the business, which now had the right bank as its partner and could continue operating and growing.