THE CLIENT

There’s an extremely popular Mexican restaurant in the suburbs outside of Philadelphia serving a mouthwatering mix of culinary delights blending Mexican and European flavors. The business owner opened the restaurant ten years ago, and today, reservations are still rolling in. The epitome of a well-run local restaurant… but there had always been one piece of the puzzle missing.

Getting a liquor license for a restaurant in Pennsylvania is no easy task, and when the opportunity arises, you need to move fast – and that includes securing the funds.

THE CLIENT’S CHALLENGE

The restaurant owner had the opportunity to secure a liquor license for his popular Mexican restaurant. Now, he had to move quickly to secure the available license. But, big picture, he needed a lot more than just the money for the license. The restaurant needed to be renovated, and inventory had to be purchased to introduce a full-service bar.

THE APEX COMMERCIAL CAPITAL SOLUTION

$460,000 • Commercial mortgage refi • Quick close

The restaurant owner faced three significant challenges – he needed the money quickly, faster than most banks could close his loan, the cash-out amount he was requesting was too high for traditional lenders, and many banks are hesitant to lend to restaurants, regardless of the amount. Fortunately, the borrower’s broker knew that Apex Commercial Capital could easily handle all three of those challenges.

Apex Commercial Capital had no issues with the large cash-out amount, and the lender’s streamlined process helped ensure that the loan was approved and closed quickly — it was fortunate that it was because, in the end, there was one more issue that had to be handled.

It turned out that the license owner had had some financial trouble – liens and other smaller issues had to be resolved, so the process took much longer than expected. Apex Commercial Mortgage’s processing team did much more work on the back end than they normally would on a deal like this.

FINAL RESULTS

With the large commercial mortgage refi from Apex Commercial Capital, the restaurant owner purchased the liquor license and made the renovations. The remainder of the funds were used for needed inventory – now the restaurant features a fully-stocked, full-service bar – and Happy Hour, Tuesday through Friday, is very popular.

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