News

Wendy's franchisee loaned $7.25M for refinancing, remodeling efforts

September 19, 2013

TD Bank has completed a $7.25 million lending deal with Florida-based Hans Sohlen, a 39-unit Wendy's franchisee.

The TD Bank's Restaurant and Franchise Finance Group is new to the restaurant lending space and is working with other large SBOs and franchisees within its Maine-to-Florida footprint.

Of the $7.25 million deal, $6 million will go toward refinancing, and $1.2 million will go toward remodeling two restaurants. According to a news release, the transaction costs were "very competitive."

"The relationship with TD Bank allowed us to combine credit as well as day-to-day cash management/money movement under one roof. A number of lenders in this business only do the credit side and cannot offer a fully integrated product line, including money movement services," a spokesperson for the franchisee said.

Hans Sohlen's Wendy's presence is along the East Coast of Florida, between Ormond Beach/Daytona Beach and the north end of West Palm Beach.

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