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Avatar Financial Group Loans $5 Million to Fast Fuel - Company will Promote the Brand to Independent Fuel Dealers
Midwest company buys controlling interest in Fast Fuel, an independent fuel dealer brand. New management sees strong growth and profits in operating 11 gas stations and promoting the brand to additional independent fuel dealers.
Seattle, WA (PRWEB) September 13, 2004 -- Thanks to a $5 million loan from Avatar Financial Group an institutionally funded hard money commercial lender in Seattle, WA, USA, the 'Fast Fuel brand of gasoline service stations may become a lot more common across the US. The principals acquired a 75% ownership and all the real estate holdings from the current owner for gas station properties in Indiana and Kentucky. Avatar Financial Group assisted in arranging the financial package which included traditional bank financing collateralized by equipment, and a working capital loan against receivables.
The new owners have retained the services of the founder and intend to work with him to improve operational efficiencies. Expansion plans are exciting for the Company. The new management hopes to expand the Fast Fuel brand among independent fuel dealers, providing significant growth potential for the company.
Avatar Financial Group worked with Fast Fuel to arrange the multi-tiered financing package, to provide the purchase and operating capital required to make this venture a success.
We saw an economy of scale in the ownership and operation of 11 gas stations," says Jerry Zevenbergen, CEO of Avatar Financial Group. As a commercial bridge loan company, we help 'grease the wheels of commerce when traditional banks are unable to fund. We saw that Fast Fuels business plans -- and their purchase of the gas stations made good business sense. We are pleased to have been able to help make the venture a success."
Avatar Financial Group holds a well deserved reputation for funding diverse commercial projects in the US swiftly and efficiently. As an institutionally funded hard money lender, Avatar offers the significant advantage of having the first and final say in whether and when loans are funded. Borrowers appreciate the speed of response from the principals, Jerry Zevenbergen, CEO and TR Hazelrigg, President. Most initial responses are provided within 24 hours. Documented ready-to-fund timeframes average 2 weeks.
Many lenders offer two week closings on commercial financing, but at the end of the day, very few actually deliver on that promise," says TR Hazelrigg, of Avatar Financial Group. One of the significant advantages that Avatar brings to the table is that we do not have to turn to individual investors to get projects funded. We are extremely well capitalized with reliable, available, institutional funding."
With over $50 million to lend at any given time, Avatar funds projects as diverse and RV resorts and golf courses to gas stations and medical office complexes. The principals and staff bring an average of 10 -15 years of experience each in the non-conforming commercial lending field. Their expertise, confidence, and renowned courteous customer service make Avatar a finance partner of choice for direct borrowers and brokers across the US. Additional information about Avatar Financial group and other recently funded commercial projects can be found at http://www.avatarfinancial.com.
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