seeking 1m to purchase existing biz
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  1. #1
    Senior Member Reputation points: 27404
    Join Date
    Dec 2015
    Location
    Texas
    Posts
    552

    seeking 1m to purchase existing biz

    Buyer Has 250k down needing 1.1m to close the deal.

    bed store doing 3.4m on recorded annual audits owns the building.

    Buyer has 755 fico and dosnt own a business and relays on the new businesses income and current asset holding to support repayments.


    Can't collateralize something he dosnt own
    Steven Jones
    www.davincinc.com
    Steven@davincinc.com
    PH: 210-290-4102
    "We can beat your offer!"

  2. #2
    Senior Member Reputation points: 503040
    Join Date
    Oct 2016
    Posts
    4,318

    What does his personal financial statement look like? Lack of assets preventing getting this done as a SBA?

  3. #3
    Senior Member Reputation points: 227860
    Join Date
    Feb 2017
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    3,428

    Quote Originally Posted by Davincinc View Post
    Can't collateralize something he dosnt own
    How much is the building worth? You can certainly borrow for the purchase of the building.
    The question is if he can squeeze enough out of his personal credit to get the rest.

    Send me his personal credit history from www.creditchecktotal.com and I'll be glad to work on this file with you together.

  4. #4
    Senior Member Reputation points: 27404
    Join Date
    Dec 2015
    Location
    Texas
    Posts
    552

    Sba takes too long, correction he has 400k down.

    The store has 975k in wholesale value inventory, willing to collateralize aswell.

    Building is not up for discussions on equity or refi or hard money
    Steven Jones
    www.davincinc.com
    Steven@davincinc.com
    PH: 210-290-4102
    "We can beat your offer!"

  5. #5
    Call Lorraine at 765.517.0975.

    Lorraine McNair - COO
    MoveAhead Financial
    2114 E Blvd
    Kokomo, IN 46952
    lorraine@moveaheadfin.com
    www.moveaheadfin.com
    765.517.0975

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