JACKSONVILLE, Fla., May 23, 2018 /PRNewswire/ -- CIT Group Inc. (NYSE: CIT) today announced that its Franchise Finance team, part of CIT's Business Capital division, has closed a $25 million loan to La Palma, Calif.-based Friendly Franchisees Corporation.
Friendly Franchisees is a leading owner and operator of Carl's Jr. restaurant franchises, with more than 70 outlets across the Los Angeles and San Francisco areas of California. 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, 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 the 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 innovative 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.
Founded in 1908, CIT (NYSE: CIT) is a financial holding company with approximately $50 billion in assets as of March 31, 2018. Its principal bank subsidiary, CIT Bank, N.A., (Member FDIC, Equal Housing Lender) has approximately $30 billion of deposits and more than $40 billion of assets. CIT provides financing, leasing, and advisory services principally to middle-market companies and small businesses across a wide variety of industries. It also offers products and services to consumers through its Internet bank franchise and a network of retail branches in Southern California, operating as OneWest Bank, a division of CIT Bank, N.A. For more information, visit cit.com and follow us on Twitter, LinkedIn, YouTube and Facebook.
SOURCE CIT Group Inc.