The loans totaled $554 million at close, down from the previously announced $581 million due to amortization and additional principal payments related to the normal course of business activity. The loans are to franchise operators (primarily quick service restaurant concepts) in the Midwest and in the Western portion of the U.S.
Wintrust Franchise Finance exclusively serves the needs of franchise operators and franchisors. It has been in existence for 15 years and currently serves more than 100 clients nationwide.
Edward J. Wehmer, president and CEO of Wintrust, said, “We are pleased to close this transaction to add not only the loans, but to add a large number of meaningful relationships to our existing franchise finance business. This is a business we know well and we look forward to growing these relationships.”