Restaurant Owners, Listen Up!
Okay, all restaurant owners, now is the time to listen up! If you own a building that you operate a restaurant out of or if you want to own the building - then the story I'm about to tell could change your life.
Meet Bob and Nancy. Bob and Nancy are an older couple who have owned their restaurant for the last 40 years. A couple of years ago they got into some financial trouble with their bank. They had to go into a forbearance, undergo a loan modification and became delinquent on their payments. The bank called the loan due, so Bob and Nancy came to us at AMUSA Commercial Capital for a solution.
We were able to work out a refinance in their son's name. Their son had worked in the restaurant his whole life and always dreamed of taking it over one day. He didn't have great credit - low 600's to be exact. This is where AMUSA got creative. We used the income statements from the restaurant in addition to the son's credit to secure the loan. AMUSA was able to refinance the restaurant and pay off the bank loan and loan modification as well as give them some cash out to buy some new equipment and put some cash back into the business. Now the restaurant was able to move forward with the son at the helm.
Our guidelines are so flexible that we can do things a lot of other lenders can't do. As a private lender we can be creative. If you own a restaurant building or even if you want to purchase a building your restaurant or bar is in- AMUSA can help you.
Another great story is that of our more recent client, John. John came to us for help. He owned the restaurant business but not the building it operated out of. He was able to take some equity from improvements he'd put into the building over the years and use that as down payment to purchase the building. John got a 30 year loan at an 8% fixed rate. His credit was only in the high 600's but AMUSA was able to get him approved. Now John owns his own restaurant building entirely.
If you own a restaurant building and are in need of some capital or wish to own your building let's talk.
Thanks for listening and remember, if it was easy, then everyone would be doing it!