Listen Up Restaurant Owners!
Listen up restaurant owners! If you own your own commercial restaurant or you own your own building and you run a restaurant from it, I've got a story for you. Bob and Nancy are an older couple who've run their restaurant for over 40 years. A couple of years ago, they got in trouble with their bank they had to go into a foreclosure or a loan modification. The bank called the loan due. They came to us for help. The plan was for their son to going to take over the restaurant. He'd worked in the restaurant his whole life. We were able to use the son’s credit to refinance and pay off the bank loan and the loan modification giving them some cash out to buy some new equipment.
We used the son's credit, which wasn't very high, low 600's, there were some dings on it. However we used the bank statements for the businesses income because as a private lender we are able to get creative. We are flexible, our guidelines are flexible. We can do things that other lenders can't. Get in touch with us if you are interested in purchasing a building or refinancing a loan to save your restaurant from going under.
We also had John, who came to us to purchase the building his restaurant was in. What happened was that John was able to take some equity from the improvements he had put into the building and use that as down payment to buy the building his restaurant was in. John was able to get a 30 year loan at 8% fixed rate over a 30-year term. John's credit wasn't great - he was in the high 600's. There were some small blemishes. Now, John owns his own restaurant and the property it sits on.
So if you own your building or would like to, let's talk. I'm Kory Stafford. Visit my site at AMUSA Commercial Capital.com and fill out an application, browse our other video blogs like this one - and give me a call.