TMC Financing Completes Second Financing with Church’s Franchisee

Posted on | by asblankproject
September 24th, 2013

TMC Financing Completes Second Financing with Church’s Franchisee

In a recent article published by the Restaurant Finance Monitor, our client Church’s Chicken is featured using TMC’s financing:

TMC Financing Completes Second Financing with Church’s Franchisee

TMC Financing, a Certified Development Company, recently provided SBA 504 financing for two Church’s Chicken locations for franchisee Amjad (AJ) Rashid in Las Vegas.

The first location had a total project cost of more than $1.3 million, with TMC providing $491,000 for that location. The second site, which is still under construction, has a total project cost of $1.058 million, with TMC providing $383,000. The borrower put 15% down, while Town & Country Bank, based in Las Vegas, was the lender on both transactions. Cindy Santilena, senior vice president with TMC, worked with Rashid on the financing.

Rashid is a first-time restaurant franchisee and owner. With 20 years in the IT world, he was working 15 hours a day, and was often on call 24 hours a day at his corporate job. He had the hours and drive of an entrepreneur, “but the rewards weren’t as great.” If he was going to work that hard, he should build a business for himself, he thought.

He joined the Church’s ranks because a good friend was a Church’s franchisee and was successful with the brand. “They help you from falling down,” he said. “I’m happy to give them a royalty because they give the information to be successful.”

He plans on building No. 3 in 2014, and will go back to TMC for financing help. “Cindy has been patient and so cooperative when I had a lot of questions,” he added. The executives at both TMC and Town & Country “are really good people.”

“Because SBA loans are partially guaranteed by the government, it makes financing franchises less risky for lenders while providing better opportunities for the business owner,” said Barbara Morrison, President and CEO of TMC Financing.

SBA 504 loans offer restaurant owners below-market, fixed-rate financing for the acquisition, renovation or construction of commercial real estate. In August, the 504 rate was 5.69%, she said, fully fixed for 20 years.

TMC Financing provides SBA 504 real estate financing throughout California and Nevada, and is the No. 1 Certified Development Company in Northern California and Southern Nevada. During the past 30 years, TMC has provided more than $7.2 billion in SBA 504 financing for more than 4,200 businesses, including more than 300 women-owned businesses. For more information on TMC Financing, contact Barbara Morrison, President & CEO, at , or by phone at (415) 989-8855.

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