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.
Forbes Capital 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