The building that housed Clark’s Cellphone Corner was being foreclosed on by the bank and James and Sahira Hutson, the proprietors, were facing an inconvenient and costly relocation, plus the prospect of having to rebuild a clientele in a whole new location. These were not business moves that they looked forward to.
Then a friend suggested that perhaps James could buy the building from the bank so that Clark’s Cellphone Corner could stay right where it was. The thought that they could qualify for a loan to acquire a building that included the retail space that Clark’s occupied, an office and two apartment units, was a long shot and for a while, it looked like they were correct, as their first loan application to a traditional lender was denied. But then James heard about True Access Capital and that they specialized in financing owner-occupied commercial real estate, in communities like the one where Clark’s Cellphone Corner was located. True Access Capital approved the loan for James and Sahira, and the rest is history.
This achievement fulfilled a promise that James had made years before. “When my Mother was diagnosed with stage 4 cancer, she told me she wanted me to open a business. I sold every asset I had, including my classic cars, to start a small cell phone business with my wife who had experience in this industry,” James explained. The couple put their all into making it work. Sahira worked in the shop from open to close every day and James drove for an armored truck company and filled in at the store on weekends and evenings. From there the business grew, requiring more space and the move to the current location.
When James first learned that the bank was foreclosing on the property, he was concerned that they might lose it all. He didn’t believe he could actually purchase the building. James recalls working with True Access Capital through the loan process with senior loan officer, Lorenzo Merino. “Lorenzo is a great person and he worked with me every step of the way. If we had any questions, he was always there. And when everything was done and the loan was issued, True Access even sent us a gift basket!”
Operating in a section of Wilmington that is home to a high percentage of Hispanic residents, Clark’s offers their services in both English and Spanish, provides phone repairs, resolves software issues, offers prepaid phone services and sells phone accessories. “We take pride in what we do,” said James. “It’s our customer service that keeps us in business.”
Would James recommend that others use True Access Capital’s services?
“I do it all the time!” he said enthusiastically.