Regal Bank provides creative financing solutions for local businesses

August 2, 2016

 Regal Bank is a full-service community bank that serves residents and businesses in the northern New Jersey area. Earlier this year, an existing customer of the bank approached the lending staff with the goal of purchasing a local Livingston eatery that is a landmark of the community with a strong customer base. The customer also wished to purchase the building that houses the eatery.Restaurants are traditionally viewed as challenging businesses to finance. The sales are comprised of a large cash component and their failure rate is one of the highest when compared to other businesses. There is also heavy investment in equipment and inventory, which lose value quickly. However, in this particular instance, real estate was involved. Because commercial real estate is Regal Bank’s specialty, the bank’s lending team was motivated to work out a creative financing solution to help the customer. “Because we are up for any challenge that will benefit our customers and the community, we eagerly took on the task,” said Brian McGuinness, senior vice president and chief lending officer who specializes in owner occupied and mixed-used projects. “The lending staff at Regal Bank has more than 100 years of combined lending experience. We are large enough to work on multi-million dollar loans, yet with the personalized approach that most people associate with smaller banks.”Regal Bank worked in conjunction with the Regional Business Assistance Corporation (RBAC), a non-profit certified development company (CDC) that works to provide loans to small businesses in New Jersey. The loan was structured in a way that made it possible for the borrower to acquire both the real estate property and the eatery business.McGuiness also said, “Out of our creative spirit and faith in our customers, we provided a workable solution for the loan—a move that other banks might find to be burdensome. At Regal Bank, our lending team is known for being dedicated to finding a way to make things happen.”Headquartered in Livingston, New Jersey, Regal Bank now has a total of nine branches operating in the communities of Livingston, Roseland, Florham Park, Millburn, Somerset, Springfield, Summit and West Orange, New Jersey. Additional information is available at regalbanknj.com, info@regalbanknj.com, or at 973-716-0600.The RBAC was founded in 1981 and has offices in Mercerville and East Rutherford, New Jersey. More information on the RBAC can be found at rbacloan.com, or by emailing info@rbacloan or calling 1-877-587-1133.

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