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Dargan's owner uses creative financing to buy building

By John Palminteri, KEYT - KCOY - KKFX Senior Reporter, johnp1250@aol.com
Published On: Mar 11 2013 10:38:13 AM CDT
Updated On: Feb 28 2013 01:08:21 PM CST

The owners of Dargan's Irish Pub in Downtown Santa Barbara have been able to use creative financing to get out of a lease and buy his building.

SANTA BARBARA, Calif. -

The owner of Dargan's Irish Restaurant and Pub has been able to buy his building in Santa Barbara with the help of a government business loan.

Paul Dargan said unlike five years ago during the height of the recession, federal funding and loans are now more available for business owners.

He said he was able to finance 40 percent of the purchase through a Small Business Administration loan, and the rest of the funding came through a bank loan and his own funding.

Getting out of a lease is also a positive aspect of the deal. Dargan said he can now plan his business future better.  

Dargan's has been on Ortega Street downtown for 15 years.

The property transaction and coordination of the loans, was handled by the Hayes Commercial Group in Santa Barbara.

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