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04-21-2016, 08:27 PM #1
Reputation points: 1377
- Join Date
- Oct 2015
- Location
- Brea, California
- Posts
- 88
Juice Bar (Sole Prop) San Diego, CA. Does 100K-125K, looking for term loan
I already have an offer for $121K on an advance BUT the guy is refusing to take an advance.
Situation: This is a sole prop with husband and wife but they only show the wife on their juicing business, in their taxes because he is also a real estate broker. His credit score 653 her score 550. In business 5.7 years, not sure if it matters but ADB $5,357 no NSFs. They are both on the business license and on the lease. No outstanding loans. Needs the money to buy an additional business he just got an opportunity to purchase.
My issues: The reason I did not originally put him in a term loan is because Term Lenders do not like Sole props (tried with FC already). Also, they only want to use her credit because of their tax reporting. They both file "married filing jointly".
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