THE CLIENT

There are dive bars, and then there are those one-of-a-kind neighbor bars that make you feel like you belong the minute you walk in the door. Beautiful, warm, welcoming design and comfort food that keeps you coming back. This restaurant/bar in New Jersey is one of those neighborhood dive bars.

When the property was purchased, the owners gutted it and rebuilt it from the floorboards up. That was ten years ago. Today, the bar is a swinging success… but nothing stays the same forever, even your favorite dive bar or the people who own it. One of the owners wanted out, and the others needed financing to keep the dive from going under.

THE CLIENT’S CHALLENGE

Even a well-established business can face challenges when shopping for mortgage refinancing. In this case, the bar/restaurant also had rental properties attached, and mixed-use restaurants aren’t popular with many lenders. Plus, the property had a special use permit – it was zoned residential. At the very least, the borrowers were facing a lot more paperwork, and they were hoping for less, not more.

As an added challenge, the bar owner needed the loan to close fast because the buyout deal was closing sooner than expected – within three weeks of application.

THE APEX COMMERCIAL CAPITAL SOLUTION

$210,000 • Restaurant Mixed-Use Mortgage Refinance • Expedited Closing

The borrower’s broker had a longstanding relationship with Apex Commercial Capital. That established line of communication helped the process start quickly, and the flexibility Apex Commercial Capital is famous for took it from there.

While it’s difficult to obtain financing for a mixed-use that includes a bar/restaurant from many commercial lenders, that’s not the case with Apex Commercial Capital. The special use permit and zoning also could have been an issue for other lenders, but they were no problem for the experienced team at Apex Commercial Capital. Ultimately, the loan was closed faster and with less documentation than a traditional lender would have required.

FINAL RESULTS

Ongoing communication with the broker and borrower throughout the process allowed for a quick and smooth closing. Apex Commercial Capital approved the loan and provided the funds for the bar owner to refinance and buy out the departing partner – all within the tight time frame required to seal the deal.

The borrower now has complete control of the property – the bar/restaurant and the rental units – and the neighborhood “dive” has established a new relationship with a lender ready to help with funding for any future needs.

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