Multi-Unit Carl's Jr. Operator Secures Loan for Remodeling & Growth
Friendly Franchisees is one of the largest Carl's Jr. franchise operators in the country with more than 70 locations throughout the Los Angeles and San Francisco markets. Last week the La Paloma, California-based company inked a deal with CIT Group's Franchise Finance team for a $25 million loan to "support restaurant remodeling, debt refinance, other corporate purposes," according to a statement issued by the finance company.
"We were pleased with the expertise and flexibility that CIT demonstrated as we worked to successfully close this financing agreement," said Harshad Dharod, founder and president of Friendly Franchisees. "CIT's deep knowledge of the franchise industry was a valuable asset throughout the process."
Dharod is a longtime franchisee with more than 34 years of experience in the restaurant industry.
"We are proud to work with a successful organization like Friendly Franchisees to provide the financing they need to continue to grow and prosper," said Michael Vallorosi, managing director of the Franchise Finance business. "Franchisees frequently turn to CIT for the financial solutions that help their businesses remodel, expand or grow through acquisition."
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