Summary
The client had committed to purchasing a property to start a business in the restaurant space. They also needed to complete renovations which would add to costs. Funds were lacking to purchase the property and also complete renovations.
Our Solution
Plan a solution and execute successfully by:
- Securing 90% of the financing for the property purchase via the government backed CSBFL program
- Preparing a comprehensive loan proposal that addressed the risks and provided appropriate mitigants to get lenders on side with the financing
Impact
- With 90% financing on the property purchase the client was able to devote funds to renovate the premises and purchase new equipment
- Results have been stellar after one year of operations
- Client is very happy with the success of the current operations and is exploring expansion in other markets