Commercial Vehicle Insurance Quote Online
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Looking to Refinancing that Commercial Restaurant Building?
Restaurants are among the most popular types of businesses opened by entrepreneurs, especially those who like working with food, coping with the public, and / or have a genuine flair for show. Some join the culinary profession due to that old proverb, People have to eat somewhere. True enough alright, but they do not have to eat at your place. With an overabundance of restaurants in most communities, opening or purchasing an eatery can be a risky offer, especially for the thoughtless.
But since youre reading this, you have probably already survived the ups and downs, and now have yourself a reasonably healthy business. You could be thinking about expanding, reconstructing, or simply updating your kitchen clobber. As you found the current page, you could be seriously considering refinancing a commercial restaurant building.
And why not? The big dogs do it all of the time. Perhaps the smart ones do. According to the May 20, 2011 issue of Restaurant news Magazine, Oklahoma City-based Sonic Firm, the nations largest chain of drive-in restaurants, has just announced certain of its subsidiaries have issued a total of more than $600 million in senior secured notes to act as a securitized financing vehicle.
Clifford Hudson, Sonics President and Head honcho went on the record as exclaiming This capital structure provides us optimum monetary flexibility at a competitive cost. It also means that the money sector remains bullish on the future of the restaurant industry.
So even if you werent already thinking about refinancing a commercial cafe building, maybe you're now.
Nevertheless most cafe operators do not own or franchise more than 3500 locations countrywide. Or maybe have the advantage of a 50+ years old brand name with all of its associated goodwill. Whom are you going to turn to refinance a restaurant building?
If you own the property, rather than leasing it, the Small enterprise Administration ( SBA ) can unquestionably help you, even if you or the business is affected with a somewhat bruised credit record ( 680 or less ). Its called the SBA 504 Program.
The SBA 504 is not a direct executive loan programme, but instead an SBA guarantee on funds got through a bank, credit union, or other personal lending institution for refinancing a commercial restaurant building. Provided that you have been in business for a minimum of two years, that the debt being refinanced is less than 2 years old, and that youve been current on the payments for at least twelve consecutive months, the SBA 504 Program can let you borrow up to ninety % of the loan-to-value ( LTV ) of your building at really propitious, fixed ( not variable ) rates, even though your FICO is below 680.
Instead of trying to address the lenders yourself, which can frequently be a frustrating, time-intensive ordeal, let the execs at Venture Funding Group do all of the legwork for you.
Venture Funding Group is a pro in working with the Small company Administration to help restaurateurs secure the funds that they need to refinance an eaterie property, thanks to their exclusive FAST TRACK Programme.
To learn more, click on www.thesbaloan.com now for your absolutely free consultation and advice. Or call us at 1-800-578-4884, if you prefer.
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