Location: Noblesville, IN

Loan Amount: $3,150,000

Interest Rate: Prime + 2.00%

Term/Amortization: 25/25

Loan to Value: 75%

Purpose:   The existing debt on the property and business was originated by a bank that shuttered its doors during the “Great Recession”. The business was strained by the economic downturn in the economy and was unable to refinance the existing debt through conventional sources. Arriba was able to identify a local bank that was familiar with the business and the operator and believed that the restaurant sector would turn around once the economy stabilized. Arriba was able to structure a SBA 7a loan that recapitalized the sponsorships restaurant portfolio.