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07-24-2017, 06:40 PM #1
- 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
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07-24-2017, 06:46 PM #2
- 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?
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07-24-2017, 07:02 PM #3
- Join Date
- Feb 2017
- Posts
- 3,463
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.
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07-24-2017, 08:11 PM #4
- 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
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07-29-2017, 07:18 PM #5
- Join Date
- Jul 2017
- Posts
- 49
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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