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4 Replies Last post: Mar 16, 2008 11:54 PM by TJMorehead

Want to buy and start a Restaurant/Bar and need a loan

Jan 16, 2008 9:11 PM

Click to view RyanLug89's profile Start-up RyanLug89 2 posts since
Jan 16, 2008
Hello everybody,

I've been reading the forums and responses that have been posted by other people and it has been very helpfull. I am 18 years old and am looking to buy a pre-existing Restaurant/bar with a partner that is 22. I am wondering if it is possible for me to get a loan to buy it. It's for sale for 80K and i have very little assets but my credit is good. Is there anyway that i would be able to get a loan for the money.

Thank you
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Click to view LUCKIEST's profile SCORE LUCKIEST 7,933 posts since
Aug 6, 2007
1. Re: Want to buy and start a Restaurant/Bar and need a loan Jan 16, 2008 9:18 PM
89, Tell us more. You are saying TWO different things.
You want to buy and start a Restaurant/Bar and then you are looking to buy a pre-existing Restaurant/bar.
So are you starting or buying ??
Where are you located like CITY and STATE??
Can a 18 and 22 year get a BAR LICENSE??
Every lender or investor will want to see a business plan.
LUCKIEST
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Click to view RyanLug89's profile Start-up RyanLug89 2 posts since
Jan 16, 2008
2. Re: Want to buy and start a Restaurant/Bar and need a loan Jan 16, 2008 9:34 PM
in response to: LUCKIEST
Im sorry, i am buying a pre-existing business that the previous owner lost due to a police incident. I am in the process of writing a business plan and am consulting my professer on how to do it. I am taking small business courses as well as other business courses at coastal carolina university which is near where the bar is located in Conway, SC, and yes we will be able to obtain a liquer liscense because you have to be 21 so my partner will be able to get that.
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Click to view moogrdotcom's profile Mogul moogrdotcom 82 posts since
Dec 16, 2007
3. Re: Want to buy and start a Restaurant/Bar and need a loan Jan 17, 2008 5:29 PM
in response to: RyanLug89
The "due dilligence" will be your toughest part. With a police incident is the bar worth buying? Since it sounds like 89k without the license in many states that would be the deal breaker. in PA liquor licenses may sell for a quarter million or more depending on the area and then depending on which state your bond/insurance risk may be more than the bar/building is worth - especially if a police incident is the normal problem.

With due dilligence - find out what the bar was making , what the business/bar is worth, what the property is worth, make sure there are no tax liens and whatnot (and if there are liens, you may be able to buy them and own the bar for pennies on the dollar).
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Click to view TJMorehead's profile Mogul TJMorehead 98 posts since
Mar 16, 2008
4. Re: Want to buy and start a Restaurant/Bar and need a loan Mar 16, 2008 11:54 PM
Hello RyanLug89,

There is a loan available for start-ups. Visit my blogpage at www.moreheadsconnections.blogspot.com to learn about our "Accessing Capital" Program. From there you can complete a prequalification form to start a funding request.

You can contact me at moreheadsconnections@gmail.com. I'll be happy to assist you with this.

Warm regards,
TJ Morehead
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