ARRIBA CAPITAL CLOSES $580,000 LOAN IN CREST HILL, IL

Arriba Capital (Arriba) successfully closed a $580,000 commercial loan for an owner-occupied restaurant and banquet center located in Crest Hill, IL. Arriba Capital worked hand and hand with the existing bank to creatively structure a financing solution to payoff this legacy loan.

Challenge: Due to extenuating circumstances, the note with the existing lender was in a technical default and refinancing with the existing bank, wasn’t an option. Due to the downturn of the economy and historical credit issues, the borrower wasn’t able to meet the bank’s tight credit requirements. The borrower looked to Arriba to identify a lender that understood the seasonal cash flow and the value of the business and real estate as a going concern.

Solution: Arriba Capital identified a regional lender that was looking to expand their lending footprint. Due to the strong historical cash-flow, quality of the real estate collateral, and experienced owner / operator, Arriba was able to structure a loan that paid off the existing debt, provided some much needed working capital along with small renovation budget. The loan was priced at Prime + 250, with a 25 year term and a 25 year amortization.