Core financial strength versus just operational strength.
Dillon cites loan applications from two restaurants, both of which looked good operationally. â€œOne has probably a little bit stronger following, but good food at both restaurants. The other negotiated a tremendously favorable lease with a low rent rate, low annual escalations, in an excellent location with major tenant improvement allowances from the landlord. The second also did a great job with establishing the financial foundation.â€ As a result, while both have operational strength, the second also has a stronger, established financial foundation.