Las Vegas entrepreneur Brad Burdsall has opened his sixth Southern Nevada Egg Works location as well as a new commercial kitchen and commissary with the help of TMC Financing and its SBA 504 loan program. TMC Financing worked with Meadows Bank and provided 90% financing for Egg Work’s $2.6 million restaurant located at 2025 Village Center Circle in Las Vegas. The lenders also financed a $2.2 million project for Egg Works’ 20,000 square foot commercial kitchen and commissary in North Las Vegas, which supplies food and custom-created sauces to all of its restaurants in Southern Nevada.
“Our newest Las Vegas restaurant is in the heart of Summerlin near Summerlin Parkway and Town Center,” said Egg Works CEO Brad Burdsall. The 6,725 square foot building created 45 new jobs and is open for business from 6 am. to 3 pm. daily. “The SBA loan for this property allowed us to buy the land, building, furniture and equipment needed to operate with just 10 percent down,” said Burdsall. “It is a great opportunity to own your own building instead of leasing.”
According to Burdsall, getting pre-qualified for an SBA 504 loan through TMC Financing made it easy to maintain his preferred banking relationships to partner on the loans. “Once they pre-qualify you, you have a better opportunity to obtain financing for the bank portion at a lower interest rate since you are already prequalified.”
Egg Works now employs nearly 300 people in Southern Nevada, at its six restaurants and commissary. “Our team members are the heart and soul of our business, so we are constantly looking for ways to improve our operations on their behalf,” said Burdsall.
Egg Works now owns the real estate for three of its six restaurants as well as the real estate for its commissary. “The commissary location is totally reinventing how we do business,” said Burdsall. “We use it not only to centralize food purchasing and storage, but also to provide a location for the creation of our special sauces and new menu items.” Burdsall, a professional chef, spends some of his time at the commissary creating Egg Works’ signature spices, gravies, sauces and dressings. His custom Habla Diablo Bloody Mary mix is sold in restaurants and liquor stores throughout the country.
About SBA 504 Loans
The U. S. Small Business Administration (SBA) 504 Program offers businesses below-market, fixed rate financing for the acquisition, renovation or construction of commercial real estate. SBA 504 loans provide long-term stability for businesses with the ability to retain working capital, which can be used to further grow the business and create new jobs. The typical loan structure for an SBA 504 loan comes from a first mortgage with a conventional lender and a second mortgage from a certified development company (CDC).
About TMC Financing
TMC Financing (tmcfinancing.com) provides Small Business Administration (SBA) 504 real estate financing and is the leading Certified Development Company (CDC) in Northern California and Southern Nevada. During the past 30 years, TMC has provided over $7.5 billion in SBA 504 financing for more than 4,500 businesses. This financing has resulted in the creation of over 33,000 jobs. TMC has been ranked in the top five Certified Development Companies nationwide for over a decade. TMC's experienced team works directly with borrowers, lenders and real estate brokers to tailor financing packages that meet SBA program guidelines and the borrower's credit capacity.