The value of the property is estimated $3M. Owes $335,000. The business does very well
with an average of 300 tables served a day. The business is picking up to Pre COVID levels.
Client wants to use the cash out to shore up working capital and finish expansion. Due to
demand the client is in the middle of expanding the recreation area. Client has over $1.2M
invested in the property and business. Term requested 24 months. Client is almost at full
capacity already. Serve an average of 300 clients per day. Debt will be serviced with current
and increasing cash flow from operations.
Will additional properties be collateralized?
Borrower Credit Rating
Client is seeking $1.19M refinance on his restaurant property. Client runs a farm as well as a successful steakhouse in Mississippi, once voted best in the state by Food Network. Restaurant doubles as a music venue with a stage and dance floor.