United Capital Provides Facility to Subway Franchisee
United Capital Business Lending, a business lender specializing in franchise finance, announced it provided a $10.0 million credit facility to Ccreations. The facility will recapitalize Ccreations and provide financing for the development of additional Subway and Wingstop locations.
Chintu Patel, president and CEO of Ccreations, owns and operates 32 Subways, and will open his first Wingstop’s located in Indianapolis, IN in August 2014. Patel also owns 21 Orange Leaf Frozen Yogurt’s, three Koko Fitness’, and has an interest in several hotels and gas stations.
“We chose United Capital because they understand the franchise business,” said Patel,”and they will support our company’s expansion of both our Subway and Wingstop platforms.”
“We have supported Patel’s Subway expansion for several years.” said Trey Grimm, VP and business development officer with United Capital, “This facility will position him to grow across multiple brands.”
United Capital Business Lending is a subsidiary of BankUnited, the largest bank headquartered in Florida with over $16 billion in assets. United Capital is a leading lender in the franchise finance market, lending nationally to multi-unit franchisees for acquisitions, new development, remodeling, and debt refinancing.