Xenohristos: Initial Cava loan collateral was worth less than loan amount
Ted Xenohristos · CAVA: Ted Xenohristos and Brett Schulman · Nov 27, 2023 · at 20:41
Ted Xenohristos, co-founder of CAVA, describes how a local banker agreed to finance their grease hood replacement despite their poor credit and minimal collateral.
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“Well, there was no collateral except for the restaurant itself, so there was a lien on the restaurant, which, like I said, I mean, we built that place for 10 grand, so the collateral's Less than the loan was gonna be, so.”
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