Start a Restaurant

Welcome to the Nation’s capitol! Yes, folks talk politics in this town like the rest of us talk about our sport’s teams. But they aren’t really that bad – the D.C. folk really do know how to loosen up those ties. D.C. is a town that loves its Happy Hour – a time when you can catch up with friends or meet new ones.

We saw you smuggle your after-work change of clothes into your cubicle so that you’re ready for the 5 o’clock bell. Go ahead, leave your car in the office garage – you can always cab it home or Metro it back to work the next morning.

Like most cities, Washington, D.C. is a collection of smaller neighborhoods (there are 14 of them), each having its own flavor and charm. Architecture and attitude changes from one block to the other, creating a cultural patchwork that can be fascinating for locals and tourists alike. The city has plenty of energy from all the politics, government, and colleges in town. From the Vietnamese places in Arlington, V.A. to the charming brownstones of Georgetown; from the urban feel of the Connecticut Corridor near Woodley Park and Cleveland Park to the alternative minded Dupont Circle, each area in this city offers up something unique.

One of our favorite things to do in D.C. is to just waste the day or night away on the Mall. But remember, this is not the shopping type. It’s the Quad or grassy park in between all the cool national monuments and museums in the heart of the city. The Smithsonian museums are free and allow you to explore art, history, space, and much more. You also feel the National pride as you stroll thru the Mall. So, even if you hated science class, you’ll still have fun whispering inside the Capitol rotunda. While in the area, you must stop by the Spy Museum – with all its interesting tidbits about the real James Bonds. Just try to remember your alias as you navigate thru the interactive maze of espionage. And, make a reservation since the lines are known to get a bit out of hand.

Worked up an appetite seeing all those landmarks in our nation’s capitol? When you’ve had your fill of historical lessons and facts that you’ve forgotten since the 6th grade, it’s time to get your groove on. Here then are our journeyPod Picks for wining and dining your own party (political or not), while in D.C.: (more…)

Restaurant owners have limited options for commercial mortgages, relative to other businesses and building types. One of the most common options is the SBA loans. Although not perfect, they can be a viable option. For one, they are still reliable and are still closing. Two, they do offer some of the lowest fixed rates available and the highest level of financing for restaurant loans.

Interest rates for restaurant loans are currently in the mid 6%’s to mid 7%’s depending on the particulars of the transaction. Combine that with 85% financing on purchases AND 85% financing on refinances and it is easy to see why the SBA has had such a huge impact on American Small Businesses.

Compare that to traditional bank financing, rates are about the same, but you would have to come out of pocket 30-40% of the purchase price. Refinance financing is more limited and harder to close and loan to values are normally capped at 50-60% as well. Again with the SBA programs you can go up to 85% loan to value on refinances on restaurant loans.

The SBA programs have received a lot of criticism over the years, some of it warranted, some of it not. One of the biggest complaints is the time frame and bureaucratic process. A key to avoiding the long delays is to work only with PLP lenders. If you do not your loan will have to be underwritten and approved twice, once by the funding bank and secondly by the SBA. If you work with a PLP lender the loan will only have to be underwritten once, and you will avoid at least one month of delays. It is common to close SBA loans in 60 days which is right in line with all commercial loans. (more…)