commercial real estate property for lease Utah
Refinancing your commercial Restaurant
Restaurants are among the most popular types of businesses opened by entrepreneurs, especially those who enjoy working with food, dealing with the general public, and / or have a genuine aptitude for display. Some join the culinary profession due to that old adage, Folk have to eat somewhere. True enough alright, but they do not have to eat at your place. With a surplus of eateries in most communities, opening or buying an eatery could be a risky proposition, particularly for the thoughtless.
But since youre reading this, youve doubtless already survived the highs and lows, and now have yourself a reasonably healthy business. You could be thinking about expanding, refurbishing, or updating your kitchen kit. As you discovered this page, you could be seriously considering refinancing a commercial eaterie building.
commercial property financing
And why not? The major players do it all of the time. At least the smart ones do. According to the May twenty, 2011 issue of Restaurant news Magazine, Oklahoma City-based Sonic Corporation, the countries biggest chain of drive-in restaurants, has just commented 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 CEO went on the record as saying This capital structure provides us perfect financial suppleness at a competitive cost. It also means that the monetary 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 are now.
Nonetheless most restaurant operators dont own or franchise more than 3500 locations countrywide. Or even have the luxury of a 50+ years old brand with all of its associated goodwill. Whom are you going to turn to refinance a restaurant building?
If you are the owner of the property, rather than leasing it, the Small business Administration ( SBA ) can unquestionably assist you, regardless of if you or the business suffers from a slightly bruised credit record ( 680 or less ). Its called the SBA 504 Programme.
The SBA 504 is not a direct administration loan program, but rather an SBA guarantee on funds obtained thru a bank, credit union, or other private lending institution for refinancing a commercial restaurant building. Provided that youve been in business for no less than 2 years, the debt being refinanced is less than 2 years old, and that youve been current on the payments for a minimum of 12 consecutive months, the SBA 504 Programme can let you borrow up to ninety p.c of the loan-to-value ( LTV ) of your building at very propitious, fixed ( not variable ) rates, even if your FICO is below 680.
Instead of trying to deal with the lenders yourself, which can frequently be a maddening, time-intensive trial, let the execs at Venture Funding Group do all of the legwork for you.
Venture Funding Group is an expert in working with the Small business Administration to help restaurateurs get the funding that they have to refinance an eaterie property, thanks to their exclusive FAST TRACK Program.
To learn more, click on www.thesbaloan.com now for your absolutely free consultation and guidance. Or call us at 1-800-578-4884, if you like.
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Commercial real estate Agents Salt Lake City UT | (801) 895-2632
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