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Business loans

Discussion in 'Money & Finance Forum' started by builder, Mar 25, 2003.

  1. Mar 25, 2003 at 11:45 AM #1
    builder

    builder membered member

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    Anyone know anything?

    Some info:
    $20-30k for purchasing an existing buisness' inventory and equipment.

    One year record of operation with a significant profit.

    Current owner willing to finance a portion of the sales price.

    Minority owned and operated.
     
  2. Mar 25, 2003 at 11:59 AM #2
    Yuck

    Yuck Sweet Pea

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  3. Mar 25, 2003 at 12:02 PM #3
    Meow

    Meow Who me?

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    Put together a business plan before even going to the bank. Have one for best case scenario, worst and most likely. Do a title search on everything that you can to make certain that there are liens that you don't know about on equipment, inventory etc. Check out the lease on the builing and make sure that you won't get kicked out before you get moved in. Take the results of the all research to the bank with you. It will impress them.

    If there is a loan on any equipment now it may be easier to get a loan from the same place that currently holds the lien that it will be to go to someone else. Especially if they have or get the idea that the current owner is about to walk off and leave it sitting without paying them back. :D
     
  4. Mar 25, 2003 at 1:32 PM #4
    Bunky

    Bunky .

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    Builder, you're gonna hafta get that guy to finance the deal. I can all but guarantee that no bank is going to lend you that little of money. Basically, nothing in it for them. Even if you are able to get a lender, you will have to put some money upfront , most likely a 3:1 ratio, so $10,000 bucks. if you got to put in 10, 000, then just put that down and let the owner finance the rest. i'd imagine his terms would be a lot more flexible than any lenders.
    Also, if any of that equipment is leased, you won't be able to use that as collateral. Lenders will want you to put up your best asset(sorry your butt any gonna get it) and that would be your brand new town home. you want to do that already?

    the self/help credit union may be able to help you.
     

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