Jennifer D. Duell is on special assignment for GlobeSt.com.
DALLAS-The locally based Taco Bueno has secured a $45-millionloan from a Scottsdale, AZ-based franchise specialty lender intenton completing $3 billion of financing for chain restaurants.
"This is a very sizeable deal in the restaurant industry," saysSteve Schmitz, executive vice president of GE Commercial Finance,Franchise Finance (GEFF), the largest lender for franchised chainrestaurants. He tells GlobeSt.com that the entire deal took about60 days to put together. The loan allows Taco Bueno to pay off allprior debt, improve cash flow and continue its recent pattern ofgrowth. Although Schmitz declines to share specific details of theloan, he says Taco Bueno will be making smaller payments each monthgiven the lower interest rate.
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