CIT Group’s Franchise Finance team, part of CIT’s Business Capital division, closed a $25 million loan to La Palma, CA-based Friendly Franchisees.
Friendly Franchisees is an owner and operator of Carl’s Jr. restaurant franchises, with more than 70 outlets across the Los Angeles and San Francisco areas. Proceeds from the financing will be used for remodeling some restaurants, refinancing existing debt and other corporate purposes.
Friendly Franchisees is led by Harshad Dharod, who has more than 34 years of experience in the restaurant industry and is one of the largest franchisees in the Carl’s Jr. system.
“We were pleased with the expertise and flexibility that CIT demonstrated as we worked to successfully close this financing agreement,” said Dharod, who is the founder and president of Friendly Franchisees. “CIT’s deep knowledge of the franchise industry was a valuable asset throughout the process.”
“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 CIT’s Franchise Finance business. “Franchisees frequently turn to CIT for the financial solutions that help their businesses remodel, expand or grow through acquisition.”
CIT’s Franchise Finance team works with franchisors and franchisees to provide financing in all stages of a company’s growth, including working capital, growth capital, acquisitions, debt refinancing, recapitalizations and restructurings, equipment and technology updates, relocations and remodeling.