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Red Lobster closing nearly two dozen more restaurants. Here’s where.
Red Lobster plans to close nearly two dozen more restaurants in coming days as the bankrupt seafood chain prepares to be acquired.
Known for its affordable seafood and cheddar bay biscuits, the nationwide restaurant chain expects to walk away from the leases of 23 additional locations by August 31, a recent court filing showed. The closures will add to a tally that has seen more than 100 Red Lobster outlets shut down earlier this summer.
Red Lobster filed for Chapter 11 in May after years of weak growth amid mounting competition from fast-casual chains, heavy debt and mismanagement.
After the latest streamlining, Red Lobster will have roughly 500 restaurants. The company is selling itself to Fortress Investment Group, which recently loaned Red Lobster $100 million to keep the chain going. Fortress also owns Krystal, Logan’s Roadhouse and J. Alexander’s.
Fortress on Monday said it has appointed Damola Adamolekun, the former chief executive officer of P.F. Chang’s, to run Red Lobster. A Florida bankruptcy judge must approve Red Lobster’s plan for exiting Chapter 11.
Launched in 1968 in Lakeland, Florida, by local restaurateur Bill Darden, Red Lobster eventually expanded nationwide by offering Americans affordable crab, lobster and other seafood.
Here’s a list of the additional locations Red Lobster intends to shut by August 31:
Arizona
- 1521 S. Yuma Palms Parkway, Yuma
- 8407 W. Markham Street, Little Rock
California
- 8703 Murray Drive, La Mesa
Colorado
- 4925 N. Academy Boulevard, Colorado Springs
Florida
- 326 Miracle Strip Parkway SW, Fort Walton Beach
- 5110 N. 9th Avenue, Pensacola
- 8909 U.S. Highway 19, Fort Richey
Georgia
- 6550 Tara Boulevard, Jonesboro
Illinois
- 1604 N. State Road 50, Bourbonnais
- 902 Commons Drive, Geneva
- 4625 N. Sterling Avenue, Peoria
Indiana
- 4353 Franklin Street, Michigan City
Minnesota
- 8900 Golden Valley Road, Golden Valley
- 12515 Elm Creek Boulevard North, Maple Grove
Missouri
- 2381 Maplewood Commons Drive, Maplewood
New York
- 925 Hunts Point Avenue, Bronx
- 750 Upper Glen Street, Queensbury
North Carolina
- 304 A Western Boulevard, Jacksonville
Ohio
- 17227 Southpark Center, Strongsville
South Carolina
- 1270 Knox Abbott Drive, Cayce
Virginia
- 555 S. Van Dorn Street, Alexandria
- 4415 S. Laburnum Avenue, Richmond
- 709 Independence Boulevard, Virginia Beach
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Best mortgages for first-time homebuyers
Rising home prices and high mortgage rates haven’t made buying a home easy these last few years. In fact, with affordability such a challenge, it’s only made shopping around for a lender that much more important.
It’s true: Comparing lenders can make a big difference when it comes to price. According to Freddie Mac, getting just four different mortgage rate quotes can save you about $1,200 per year.
But rates aren’t the only thing you should think about when choosing a lender. Want to make sure you pick the best mortgage company for your needs? See below for some of the best lenders for first-time homebuyers currently on the market.
Lock in a low mortgage interest rate here today.
Best mortgages for first-time homebuyers
Here are the best mortgage lenders for first-time homebuyers, broken down into six categories:
Best for low down payments: Veterans United
Veterans United exclusively offers VA home loans — which means all its loans require zero down payment. Though you’re welcome to put some money down, VA loans are one of the few mortgage options with no down payment requirement.
There is a catch, though: You’ll need to be a current military member, veteran, or spouse of one to qualify. Certain service requirements must be met as well. If you can do it, though, you’ll save yourself money both upfront (on the down payment) and in the long haul, as VA loans tend to have lower interest rates than other loan options.
Learn more about Veterans United here now.
Best for good credit: US Bank
If you have decent credit, US Bank might be a good option for your mortgage. The lender offers conventional, FHA and VA loans, and its rates are some of the lowest of lenders we analyzed. You can also apply fully online and get valuable closing cost discounts if you use other US Bank services.
Best for low credit: Cardinal Financial
Cardinal Financial is a good option if your credit score is on the lower end. The lender allows for scores as low as 620 on conventional loans and 580 on FHA, VA, and USDA loans. There are also jumbo loans — if you’re buying in a high-priced market or eyeing a more expensive property — and construction loans for buyers looking to build their own homes from the ground up.
Best for no lender fees: Better.com
Most lenders charge a variety of fees for processing your mortgage. These might include an origination fee, application fee, underwriting fee, and more. With Better.com mortgages, you won’t see any of these charges. The online lender charges no lender-side fees for underwriting, servicing, or originating its mortgages. There are other typical closing costs, though.
Best for online borrowing: First Mortgage Direct
First Mortgage Direct is a fully digital mortgage lender that lets you manage your mortgage process from start to finish all on the web. You can get a rate quote online, fill out an application, submit your documentation, and even close digitally, too. The lender also offers many online resources to help you along the way — things like informative videos, calculators, articles and more.
Best overall: New American Funding
New American Funding has something for everyone: conventional loans, government-backed loans, jumbo loans, construction loans, non-QM loans and more. There are even loans with customizable terms and options that can turn you into an all-cash buyer to make you more competitive. The lender also has a 4.1-star rating with the Better Business Bureau and a 4.6-star rating on Trustpilot.
Always shop around
Whether you’re buying your first home or your fifth, shopping around for your mortgage is important. If you need help doing so, consider enlisting a mortgage broker. These professionals can shop around on your behalf, help you compare lenders and loan options and ensure you get the best rate.
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