"CapGrow's assistance was a key factor in our ability to provide this remodel funding," says Steve Lumpkin, Applebee's chief financial officer.
This type of borrowing typically is very difficult to collateralize, says Steve Vergamini, senior vice president of Capital Growth Advisors, who was pleased with the "best available collateral" basis for the program.
The program allows Applebee franchisees to access financing with favorable terms for remodeling their units over the next three years, Lumpkin says. Capital Growth Advisors, LLC, headquartered in Minneapolis, provides fee-based financial consulting services to the multi-unit retail industry.
Applebee's International, which is headquartered in Overland Park, KS, has developed 1,594 Applebee's restaurants in 49 states and nine countries.
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