A CAPITAL IDEA
That Puts Money In The Hands Of Our Franchisees
Because Hurricane Grill & Wings has experienced such consistent success as we grow nationwide, we are able to provide a large variety of lending resources for you to take advantage of for the opening and expanding of your business.
In October 2012, Hurricane Wings & Grill announced an agreement with Mount Pleasant Capital to make available $10 million in financing for new and existing franchisees. The new financing will provide new franchisees with up to 75 percent of the funds necessary to open their location and up to 85 percent for existing franchisees to grow or remodel. Read more.
The Hurricane Grill & Wings Loan Program is available to new and existing franchisees of the Hurricane Grill and Wings Brand. Some important aspects of the program include:
- Lending Criteria:
- Minimum FICO Score of 700.
- Loan to Value of 70 to 75% for new franchisees.
- Liquid assets available for 30 – 40% of overall opening costs.
- Pro-forma Financial Expectations:
- Lease Adjusted Leverage < 5:1
- FCCR > 1.3:1
- Debt Service Coverage > 1.5:1
- Prior restaurant industry experience will affect credit availability.
- No maximum loan amount.
- 24 to 84 Month repayment periods.
- Annual Percentage Rate of approximately 9%.
- No prepayment penalty or yield maintenance requirements.
Additional Loan Requirements:
- Loan is secured by all assets of the franchisee entity.
- No other borrowing permitted.
- Loan agreement and Franchise agreement are cross-defaulted.
- Borrower must grant the lender a security interest in their franchise agreement
- All owners must pledge their equity interest in the business to the lender as additional security for the loan.
- Personal guarantees of all owners of the borrower.