SBA 504 Loans for Restaurants
Like most successful restauranteurs, you started with a dream about the restaurant you wanted to open. Along your journey you’ve refined the best recipes for your kitchen, you’ve built the culture of excellent service that keeps your customers coming back again and again, and now you are ready to take the next step and find the location where you will fully realize the dream with the restaurant facility that you had always envisioned. At Mercantile we believe a natural step in fulfilling your dream of operating a successful restaurant is the decision to purchase the property where your business is located.
The Best Choice for Purchasing your Restaurant
With the SBA 504 loan, restaurant owners in many cases may only need to contribute a minimum of 10% of the purchase price or total project costs, thereby preserving cash for future working capital needs. Purchasing or constructing your own restaurant building may also be a smart retirement strategy. We have found that as retirement approaches, many restauranteurs will sell the restaurant operation, but are still able to generate ongoing income by retaining ownership in the real estate and leasing it back to the new operators.
15 Years of Experience
Since starting our own small business 15 years ago we have helped countless restaurant owners achieve their goals of owning their own commercial real estate. We’ve financed properties for independent restaurants, as well as numerous franchised concepts. Throughout our 15 years we have also developed extensive construction expertise, which will come in handy for those restaurant owners who are looking customize their facility to their specific needs, either by constructing a new ground up building or renovating an existing property. The SBA 504 loans also allows small business owners to finance constructions costs, equipment purchases, closing and most soft costs (including architectural and engineering fees, permit and impact fees, and interest during construction), greatly reducing the business owner’s cash outlay when compared with conventional financing. Contact us to learn how our extensive experience will help you to successfully navigate through this process and see that dream become a reality.