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Restaurant Expansion Funding Needed ASAP!!!!!!!!!!!!!

 
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Apr 21, 2008 7:05 PM ET    Quote  Report Abuse
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My partner and I currently have a successful and existing restaurant and is wanting to expand and have another location.  We have both good personal credit and business credit as well.  We also already have a great location with great demographics that we plan on catering to.  We have a large sum of personal capital that we are able to provide as down payment and/or deposit.  We also have another existing business worth over 2M with inventory and equipment combined that we are able to provide as collateral.  We are needing the amount of 300-500k for our expansion.  We are not too interested in commercial bank sba loans due to the fact that they just waist more time and the answer is always the same ("Restaurants are too high risk regardless of your good credit, down payment, or collateral.").  If anyone who has gone through this process knows exactly what I am talking about.  All those meetings and guidance with the sba just does not work or even helpful when it comes to needing capital for solid business owners.  The million dollar question is...  "DOES ANYONE KNOW A GREAT AND REPUTABLE SOURCE THAT PROVIDES LENDING FOR EXISTING RESTAURANTS WITHOUT ALL THE HAGGLE AND TIME WASTING???"  HECK, WE WILL BE MORE THAN HAPPY TO PAY HIGHER INTERESTS RATES OR EVEN PROVIDE A FINDER`S FEE TO WHO CAN ANSWER THIS QUESTION!!!"

Your help is appreciated.  Thanks.
mlebovits

posts: 88

Apr 23, 2008 12:38 AM ET    Quote  Report Abuse
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Are you completely opposed to an SBA loan even if the bank has a specialty in restaurant lending?
redeyeroy

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Apr 23, 2008 12:50 AM ET    Quote  Report Abuse
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Try www.fundinguniverse.com



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"I am only one, but still I am one. I cannot do everything, but still I can do something; and because I cannot do everything, I will not refuse to do something that I can do."
-- Edmund Everett Hale, writer
douglasj

posts: 1

Apr 23, 2008 2:31 PM ET    Quote  Report Abuse
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Hi Masterduckboots:
I have 20 years of research experience having worked at a university library. I might be able to help. Contact me by email douglasj2727@gmail.com
 
Lizhrdt

posts: 5

Apr 29, 2008 11:27 AM ET    Quote  Report Abuse
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Yes, Yes, and Yes. Please email me at Danahrdt@gmail.com
Nov 13, 2009 8:07 PM ET    Quote  Report Abuse
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We help lots of restaurants and other small businesses with their expansion, loan, and cash advance needs.  We are generally 20% to 50% lower than our competition.  Visit our website and contact us for more information.

www.walnutfinancial.com



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Kagimbi

posts: 4

Jul 08, 2010 4:28 PM ET    Quote  Report Abuse
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 I am financial consultant working with a Private company that my be able to help. Please email back at briankagimbi@yahoo.com. Thanks.

bones46

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Jul 28, 2010 3:43 PM ET    Quote  Report Abuse
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Can't understand why you are having trouble based on what you have stated here.  It would seem that your local banks or any lender would be chasing you.

Couple of suggestions:

1) Have you looked into Business Cash Advances.  Most Business Cash Advance providers will lend up to $500K per location - thus, you could leverage your current restaurant to pay for the new one (this would be solid financial management keeping your cash and collateral for other needs).

2) Search for the following companies - these are all legitimate (as opposed to funding universe) - and they tend to lend unsecured if your credit and cash flow is verifiable:

America One Unsecured

American Business Credit

3) You could also search for CIT or GE Capital - both could work secured deals based on your current operations (both business) either via collateralizing your inventory, equipment or cash flow or from a combination of all.

Do know that securing your loan will result in lower interest but could add costs in the expense and time it takes to value your collateral.

We offer information and resources on our web site just for business owners like you seeking capital to grow or expand.  Our site is free to use (no gimmicks) so take a few minutes and look around - you might just find the resources you are looking for to propel you to that next level.

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