United Capital Refinances Debt for 33 Denny’s Locations
United Capital Business Lending, a national business lender specializing in franchise finance, announced today that it provided $7.7 million in financing to Denny’s owner MDC Restaurants, LLC. United Capital refinanced 33 existing locations in three states for this California based franchisee and will also provide funds to build out and equip a new Denny’s restaurant.
United Capital has increased its 2012 funding commitment to qualified Denny’s franchisees to $80 million. United Capital previously allocated $40 million to Denny’s operators, but increased the amount in response to Denny’s franchisee loan demand and the health of United Capital’s existing Denny’s loan portfolio.
Qualified Denny’s operators can borrow from United Capital to refinance debt, acquire existing Denny’s restaurants, develop new locations, remodel stores, or convert closed restaurants in other concepts to Denny’s.
“The United Capital team has financed Denny’s restaurant owners over the years and, even in today’s economy, Denny’s franchisees have demonstrated consistent operating performance trends,” says Lex Lane, vice president and business development officer at United Capital.
United Capital Business Lending is a subsidiary of BankUnited, the largest bank headquartered in Florida with more than $12 billion in assets.