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04-12-2023, 02:28 AM #1
- Join Date
- Sep 2022
- Posts
- 12
Long Terms Loan Options for $3.5m revenue in business but negative factors
Hello, looking for advice where to go to fund this since I haven't done much if any term loans. Looking for 10 year term loan for business for $2,000,000 for continued business expansion.
Business info, the positives first:
-2022 IRS Return $3.5m Revenue, $1.8 mil Profit on 1065
-No Existing business debt on LLC books (no MCA either)
-Personal Credit Score around 700
-Credit Report has 0 delinquencies
-No Bankrupties either
Negative factors:
-2021, 2020, 2019 IRS returns not much there at all, business was inactive
-Personal Tax returns on all years shows losses from other business and investments
-Personal Debt is currently is high (high debt to credit limit)
-Business has no hard assets, inventory, etc for colleteral
Any suggestions how where to look for getting funding on this?
Also, any thought on how financiable this business could be? I initially am thinking the negative factors could put a stop any sort of funding for $2 million and with 10 year terms.
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