SCOTTSDALE, Ariz.--(BUSINESS WIRE)--Purchasing restaurant franchise loan-backed bonds from FINOVA Capital Funding (II) Corporation and a large asset management company, GE Capital Solutions, Franchise Finance continues to widen its business capabilities by acquiring assets in the secondary market. The deal, worth more than $48.3 million, includes all existing certificate interests and servicing rights.
"This bond purchase was our fourth and the most challenging as we acquired all the interests," says Jeff Smith, senior vice president, business development, GE Capital Solutions, Franchise Finance. "With the capability of acquiring some or all of the bonds of a securitization, our company expands its lending capabilities. In this case, we were involved with a motivated seller that desired to exit its investment and worked to identify a buyer who understood the asset."
GE Capital Solutions, Franchise Finance has historically been active in acquiring restaurant loan portfolios; however, it is rare to find a lender that also is active in acquiring all the tranches of a franchise securitization. This makes the transaction significant for a lender that has been primarily concerned with acquiring whole loans and sale-leasebacks.
The bonds were administered by Finova Capital Corporation, based in Scottsdale, Ariz. Comprised entirely of restaurant franchise bonds, the portfolio features a score of leading franchises.
GE Capital Solutions, Franchise Finance continues to be heavily involved in the procurement of loans, including bonds. Decades of lending experience has given GE Capital Solutions, Franchise Finance the ability to help businesses involved in the restaurant, hospitality, beverage, auto aftermarket, and power sports industries receive financing. The company is dedicated to serving franchisees and franchisors to grow, compete, and prosper by offering flexible structuring for purchasing real estate and equipment, new construction, acquisitions, and refinancing.
About GE Capital Solutions, Franchise Finance
GE Capital Solutions, Franchise Finance is a leading lender for the franchise finance market via direct sales and portfolio acquisition. With more than 20 years of experience and $11 billion in served assets, we serve more than 6,000 customers and more than 20,000 property locations, primarily in the restaurant, hospitality, branded beverage, power sports, and automotive after-market industries. We offer customers access to capital with a menu of products featuring flexible structuring, including financing for acquisitions, refinancing, construction of new units, and remodels for single- and multi-unit operators/chains. More information is available at www.gefranchisefinance.com or by calling toll-free 866-GET-GEFF (438-4333).
GE Capital Solutions provides leasing, lending, and capital investment products and services to help business customers grow. It has more than $90 billion in assets, serves more than a million clients around the world, and is headquartered in Danbury, Connecticut, USA. For more on GE Capital Solutions, go to www.ge.com/capitalsolutions.
GE (NYSE: GE) is Imagination at Work --- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. With products and services ranging from aircraft engines, power generation, water processing and security technology to medical imaging, business and consumer financing, media content and advanced materials, GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's Web site at www.ge.com.
Contacts
GE Capital Solutions, Franchise Finance, Scottsdale
Christine Roe, 480-563-6260
[email protected]
or
Arment Dietrich
Gini Dietrich, 312-787-7249
[email protected]
Stephen White