(Read more on the debt and equity markets.)
BOCA RATON, FL-Mortgage professional Matt Weaver has launched the commercial financial firm Finance Group Worldwide LLC in partnership with locally based restaurant and commercial brokerage firm the Prakas Group Inc. The new company will provide commercial loans, SBA loans, equity financing and non-collateralized restaurant financing.
In addition, it will represent a provide fund that can handle loan sizes up to $100 million with the ability to close loans within 10 to 12 days. The firm is located at 703-705 E. Palmetto Park Rd. The firm will work with the Prakas Group's franchise division led by Randy O'Donnell.
"Through our private money source we are able to lend strictly on an asset-based level, which will disregard credit scoring, purchase price, financials, etc.," Weaver says. "We are also able to obtain up to 75% loan-to-value while competitors are at 65%."
Weaver previously served for more than 10 years as president of Capital Mortgage of South Florida Inc. in Boca Raton and Coral Springs, and has closed more than $650 million in lending transactions.
Having grown up in the restaurant business, Weaver understands the challenges restaurant owners face obtaining loans. "Banks are often hesitant to lend to restaurants because they are single-use properties and considered high-risk," he says.
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