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  1. #1
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    Equipment Financing For Start-Up Restaurant In Cali

    DECLINED

    Usually this would be a slam dunk but at the moment we do not have any lessors who are leasing to food / Bev at the moment;

    We tried...
    Last edited by getitfunded; 04-27-2021 at 05:43 PM. Reason: Credit

  2. #2
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    Quote Originally Posted by getitfunded View Post
    Appreciate any help, (Please PM me)

    Customer is re-opening/starting-up a restaurant in DTLA and needs $50,000 in start-up financing for restaurant equipment.
    - MBA in marketing and business management
    - 10 years experience managing a restaurant
    - The executive chef as 20+ years experience
    - In a prime location downtown
    - Credit is 720 with 22 trade-lines (oldest account 22 years) with the avg trade-line being 7.5 years
    - Exceptional payment history on all accounts including 2 RE Loans, 1 Auto Loan, 1 Student Loan
    - $165,000 in available credit currently at 24% utilitation
    - PRE-REVENUE

    Usually this would be a slam dunk but at the moment we do not have any lessors who are leasing to food / Bev at the moment;

    We tried...
    SBA is opening Rest . Fund this week

    https://www.sba.gov/funding-programs...alization-fund


    Plus, you have EIDL Funding available @ 3.75%
    Dave Lambert
    FC Financial LLC
    dave@fcbankcard.com
    http://www.fcbankcard.com
    1-213-825-0179 (Text or Leave Message)
    Office: 727-233-1111

  3. #3
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    Quote Originally Posted by Yankeeman07 View Post
    SBA is opening Rest . Fund this week

    https://www.sba.gov/funding-programs...alization-fund


    Plus, you have EIDL Funding available @ 3.75%
    Thank you Dave!

    I'm going to check the Rest. Fund out now, that would be a perfect option for this customer.

  4. #4
    Member Reputation points: 2900 JParr's Avatar
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    Quote Originally Posted by Yankeeman07 View Post
    SBA is opening Rest . Fund this week

    https://www.sba.gov/funding-programs...alization-fund


    Plus, you have EIDL Funding available @ 3.75%
    My understanding is that this SBA program is for restaurants that are already in operation and lost revenue due to COVID. This deal is a startup.
    Joshua Parrish | SLIM Capital
    (415) 938-4977 | josh@slimcapital.com
    www.slimcapital.com

  5. #5
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    RRF is for existing businesses in business prior to COVID, so is the EIDL program, not for start-ups

  6. #6
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    Quote Originally Posted by sigmundpannu View Post
    RRF is for existing businesses in business prior to COVID, so is the EIDL program, not for start-ups
    This was the post:

    "Customer is re-opening/starting-up a restaurant in DTLA and needs $50,000 in start-up financing for restaurant equipment."

    Unsure if is this the original owner, a new owner of an existing restaurant - Is this owner a self-employed individual ( than EIDL may be a fit)

    I'm sure that the broker has much more info than what was posted.

    Maybe he goes with a personal line of credit since he has a 720 FICO and appears to have a good credit history.


    Not enough info to make a determination -- BUT - IT MAY BE A POSSIBILITY!

  7. #7
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    he has 2 mortgages.... cash him out on the equity.

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