The twenty five year old Tub Factory has expanded from a 5,000 square foot rented space in Bohemia to a 15,000 square foot owned building in Bellport with the help of an SBA 504 loan from the Long Island Development Corporation (LIDC) and a conventional loan from Independence Community Bank.

          The Tub Factory designs and manufacturers fine quality custom whirlpool baths, showers, tubs, tub enclosures and accessories. Under owner Joseph Nastasi, the company has expanded its product line over the last 10 years and added showrooms in Patchogue, Melville and Commack to cater to the retail trade. The company’s product line is limited only by the customer’s imagination.  Products are made in over 500 different colors in diverse categories such as granite, marble, onyx and solids.

          Owner Nastasi indicated that, due to the fine quality of the company’s work, demand from the wholesale side has been growing and necessitated the move to larger quarters.

          The 15,000 sq foot building sits on 1.5 acres of land and has high ceilings and four drive in doors in its loading area. There is also 1,800 feet of showroom space. The purchase cost and soft costs of the transaction were financed by a conventional first mortgage loan from Independence Community Bank for 50% of project cost and a second mortgage loan for 40% from LIDC under the SBA 504 loan program. The 504 loan was made for 20 years, self amortizing at a fixed rate well below prime. The company put in just 10% of the project cost, saving its cash for working capital needs in the expansion.  LIDC is NY’s premier 504 lender for over 26 years and can provide 504 second mortgage loans throughout Long Island and New York State.