What should I do first--secure financing for a franchise or continue with the application process with the franchisor?

I am 27 years old and have been looking into buying a Subway franchise with my mother. We wanted to provide her a supplemental income for retirement and I wanted to own and operate my own business. I have years of restaurant operating experience, but the whole process seems daunting. I am not sure if I should continue the loan application or continue the franchisee application. We have about five sites that we would like to place the store however we have not decided totally on a location yet. So all in all I guess I was wondering what steps to take first in the aquirement of a Subway.

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