$250,000 Start-up Loan for a Firehouse Subs tagged: , , , , ,

$250,000 Start-up Loan for a Firehouse Subs

Posted by in Commercial Real Estate, Recent Closings

(yes we do smaller deals as well!) This is a fast growing franchise in the fast casual space like Subway.  These loans are business only loans meaning there is no real estate typically. They are also restaurant start-ups.  In this regulatory environment, there is typically less than 5% of the banks in ANY given state that will even consider this type of loan.  In other words, if you don’t know where to go and, you want to get a business only loan, especially for a start-up, you will get denied 9 times out of 10 REGARDLESS of how strong your deal is.  The big problem is that the bank will take your loan – they are not advertising that they are not lending!  They will process your loan and, ask for more paperwork.  However, 3 months later, after dragging you through the ringer, they will deny you in credit committee 90% of the time. I have done about 12 of these Firehouse Subs deals this year alone – I know who will fund them and, how to structure them.  More than that, I know based on the strengths of the file, which of the funding sources is most likely to do the deal.  In other words, if my client is light on experience but, strong on assets – I know which lender is asset based.  If I have a client who is strong on experience, but light on assets, I know which lenders will key on experience. This deal was one that was a little light on experience and, a little light on assets but, strong everywhere else – we found the local bank that would do them and, got them closed. 

If you have been denied by your local bank don’t give up, give Brian Peart a call at 866-355-1244 and he may be able to get you closed.  Your dream can still become reality, give us a call today!