THE CLIENT

Often, when an opportunity comes along, you need to act quickly to take advantage of the situation. And sometimes, an opportunity forces you to wait and act slowly until the moment is right. This restaurant in Northern New Jersey has done very well in the seven years since it first opened its doors. The mixed-use property they owned included the restaurant, two retail spaces, and two apartments.

The business owner also operated a second restaurant nearby in a space they rented. When they had the opportunity to purchase the second location and move from renter to owner, they jumped at the chance. However, recognizing the opportunity and being able to actually make the purchase proved to be two different things.  

THE CLIENTS’ CHALLENGE

The property the restaurant owner wanted to purchase was being sold as part of an estate. It was one of many properties included in the overall estate sale, so multiple processes needed to be completed before the property could be sold. 

In addition to the challenges that came with it being an estate sale, it was also a mixed-use property and a restaurant – both of which are often a red flag for many banks. It’s not an exaggeration to say that most lenders looking at the proposed purchase – an estate sale, restaurant business, and mixed-use property– probably wouldn’t even consider approving the business owner for the mortgage.

THE APEX COMMERCIAL CAPITAL SOLUTION

$715,000 • Mixed-Use Property Mortgage

The restaurant owner’s Broker had a close working relationship with Apex Commercial Capital. The Broker knew that Apex would work with them through the process (which, in the end, took two months to complete). Furthermore, unlike many lenders, Apex Commercial Capital was extremely involved throughout the process, helping the borrower and the Broker.

Apex Commercial Capital has an acknowledged record of working to approve challenging loans, like a restaurant or mixed-use property. And in this case, the lender’s flexibility was the key. After the long wait for the estate sale to be processed, Apex Commercial Capital was able to close the loan quickly – in about two weeks. The mortgage was approved, and the business got the funding to purchase the second location.  

FINAL RESULTS

The mortgage from Apex Commercial Capital allowed the business owner to purchase the second property from the estate sale. They now own the second restaurant location, no longer have to pay rent every month, and have a set mortgage payment they can easily plan for in their budget. In addition, they are receiving rental income from the newly purchased mixed-use property.

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