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01-24-2024, 01:11 PM #1
- Join Date
- Jan 2024
- Posts
- 32
deal in upstate nyc
I have 4 individuals who want to go partners on a liquor store in upstate nyc
the purchase of the liquor store is $650k
they have 20 percent down and over 700 plus fico scores each
i have all their tax returns and the liquor store tax returns (they did 1.9mm last year )
On person will go on the liquor license
which lender would do this deal
Anthony
646 202 0095
anthony@simonsaysfunding.com
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01-24-2024, 01:18 PM #2
SBA 7(a) loans can be used for working capital, owner-occupied commercial real estate, and equipment for wine, beer, and liquor stores.
These loans can be used to buy out a partner, refinance debt, or expand a liquor store.
You need to also know if the property is involved in the purchase as that might be a SBA 504.
Reach out as you can to 90% financing and should have another 10% of working capital.
Need 3 years business tax returns and 3 years personal on all prospective owners.
PFS of prospective owners.
6 months business bank statement
Proposed purchase agreement
Business evaluation
Projections for 12 - 24 months with new owners.
Business plan for the business.
Fico of new owners
P & L and Balance sheet year end
Schedule of liabililties.
POF for the 20% down
Do they have experience running a retail store, liquor store?
Is current owner willing to stay on for a year?
Can they pass a background check?
Reach out...I've done dozens of SBA loans.Last edited by Olderguy; 01-24-2024 at 01:41 PM.
Steve Benjamin
Professional Business Loans
522 Contessa
Irvine, CA 92620
steveprobiz@gmail.com
https://probizloans.net/
Broker, Underwriter, general business loan expert
949.228.1050
@ 24 hour funding working capital loans
@ Term loans from 3 years to 10 years at 9.5% and up
@ Equipment financing up to 7 years
@ Property loans - Hard Money and traditional - Primary, Investment, commercial, land, fix and flip, construction.
@ SBA loans - 7A and 504.
@ Private money equity and debt for major investments
@ Personal Loans up to gross income from personal tax return.
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01-24-2024, 01:46 PM #3
- Join Date
- Sep 2021
- Posts
- 190
Please don't insult us by putting upstate with NYC lol
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01-24-2024, 01:47 PM #4
- Join Date
- Feb 2017
- Posts
- 3,473
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01-24-2024, 02:12 PM #5
- Join Date
- Jan 2024
- Posts
- 32
man you guys are touchy
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