Start Up Franchise Financing
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Two weeks ago I closed three (3) franchise loans. Now three (3) commercial closings in one week is big. But three (3) franchise START-UP loan closings in one week is off the chart. This was three (3) loans for the same franchise...a newer franchise system to the marketplace called Burgerim.
They closed with three (3) DIFFERENT lenders. Why they closed with different lenders will teach you a lot about SBA loans and why we are so good with them. You see, many people feel like if they apply for an SBA loan with one lender and get denied, that they can not get an SBA loan. The truth is, it was the lender, not the SBA, that denied the loan. That is where we come in often closing that loan with the same SBA rates they were hoping to get from the lender that denied them, we just used a different lender. We have 100 SBA lenders in our database. My favorite lender approved one of the 3 loans that closed but passed on the other two. I then had to determine the most likely lender to close the other two. You see, all lenders have tendencies....some are all about the credit, some are all about the collateral. So I had to look at the loans and determine which lender would be most likely to do them, and the two clients had very different profiles-and so I had to take them to different lenders and that is how we got them approved and ultimately closed. What made these ESPECIALLY DIFFICULT was that it was a newer franchise company to the market-not an established brand.
When Burgerim first came to me they had two (2) locations open and wanted to expand nationally. I have now closed 20 loans for them and they are on there way to 100 stores, possibly by the end of this year. When I first took them on no one would fund them as they were an unknown. I have THE BEST knowledge and most EXPANSIVE lender sources in the country and can help ANY franchise expand their business. IF you are thinking of starting your own franchise business, or you have been denied by a bank for funding, give me a call TODAY at 512--650-8630. I close more franchise loans then any broker in the country and I remain THE PLACE TO GO WHEN THE BANKS SAY NO! Give me a call today at 512-650-8630.
Karen Schimpf Commercial Capital, Ltd.
O: 512-650-8630C: 512-354-5949 E: KarenSchimpf at gmail.com www.linkedin.com/in/karenschimpf/ blog: http://bizloansconnections.com/
website: http://applycommercialloans.com