Fast Close on a Quick Service Restaurant
Need to close your triple net lending quickly? We’ve got you covered.
“We were asked to find a lender within a tight closing timeline - 40 days - due to no extensions provided by the Seller. We were able to place our borrowers with a lender who helped maximize their debt leverage while matching a loan term to the tenant lease term of 15 years.”
-Chris Miller
Deal Quick Look:
$1,215,000 financing secured
15-year term with 5-year resets throughout
75% Loan to Value
25-year amortization
2,717 SF Rentable Space
The Property: This quick service restaurant property, which is owned by an out-of-state group, consists of a 2,717 SF Jack in the Box that sits on a corner outparcel to Walmart. The store was performing well above the national Jack in the Box average for sales per square foot. The lease carried a corporate guarantee from Jack in the Box.
The Challenge: The borrowers were looking for prepayment flexibility while still closing the deal within a 40-day timeline.
The Solution: Chris Miller, Managing Director, placed the debt with a Texas-based lending institution. The lender performed in the allotted time frame while advancing 75% of the purchase price. The loan includes a burn-down of recourse guarantees at certain loan-to-value ratios and ultimately becomes a non-recourse loan.
