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7 Replies Last post: Apr 14, 2008 10:57 PM by herol21

Loan Needed To Purchase Existing Business?

Mar 31, 2008 3:08 PM

gnc1304 9 posts since
Dec 6, 2007

I have been trying to get this seller of this existing store to lower the price and I finally convinced him the original price was 595K, I made an offer of 495K and he accepted now i really need to get down to business and try to get a loan. I have no assets of my own to put into this, so thats the difficult part. I am 23 years and i live in las vegas by myself i use to play football and got hurt so those drams of becoming an NFL star ended. I do attend college and I work for a casino, If there is someone out there anyone thats willing to help me i would really appreciated.

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dublincpa 181 posts since
Jan 29, 2008

1. Re: Loan Needed To Purchase Existing Business? Mar 31, 2008 4:01 PM

Is there someone you know who has the interest and ability to help? If the seller is desparate to get out, will he or she guarantee part of the bank loan and seller finance part?

No down payment.
No assets to collateralize.
No or limited industry experience.

I am the last one to discourage the entrepreneurial spirit, but this isn't a solid starting position for a lender. Did the seller ask for earnest money? Did they ask where the money was coming from or did they assume you had financing lined up?

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LUCKIEST 8,126 posts since
Aug 6, 2007

2. Re: Loan Needed To Purchase Existing Business? Mar 31, 2008 4:51 PM

Loan Needed To Purchase Existing Business OR are you looking for a partner??
Do you have a Business Plan?? Do you know a Lawyer??
*If you * have no assets of your own to put into this, How are you going to start??
Have you talked to your parents??
Good advice dublincpa.
LUCKIEST

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gnc1304 9 posts since
Dec 6, 2007

3. Re: Loan Needed To Purchase Existing Business? Mar 31, 2008 11:41 PM

in response to: dublincpa

At the moment i have one person that is helping me, she's an accountant. And the seller assumes that i have financing, now would a corporation help get a loan quicker than using my personal info.

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gnc1304 9 posts since
Dec 6, 2007

4. Re: Loan Needed To Purchase Existing Business? Mar 31, 2008 11:44 PM

in response to: LUCKIEST

I need a loan to purchase the existing business.
I do have a business plan.
I need help on the starter part, I went to the SCORE website and it is very helpful.
My Dad passed away and my mother lives overseas.
Thank you Luckiest.

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bizconsultant 74 posts since
Apr 1, 2008

5. Re: Loan Needed To Purchase Existing Business? Apr 3, 2008 10:13 AM

Have you done a business valuation to see if you are paying a good price for it? Have you put together a plan to make the venture profitable and if so, what kind of experience would you have to show a lender that you can make it happen?

I have a program that could probably help you get the bank funding, but one of the three requirements for it is that it be a sound business plan (the program takes care of the asset and credit requirements).

Email me your info at bizconsultant2000@yahoo.com and I can take a look at it and get back to you usually the same day.

Highest Regards

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tatiana83003 6 posts since
Feb 27, 2008

6. Re: Loan Needed To Purchase Existing Business? Apr 5, 2008 2:52 AM

You definately need to go to your nearest banking center. They will have a commercial lender who can help you. Because I am assuming that you don't have any business entity, the loan will be based on your own personal income and credit not the business. Do you have a business plan? If you don't you definately need to start one that includes expenses and expected income incase it is required by the lender.

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herol21 9 posts since
Apr 13, 2008

7. Re: Loan Needed To Purchase Existing Business? Apr 14, 2008 10:57 PM

You can get a loan in as little as 48 hours through Numa FInancial

E-mail me today and receive additional info. to get started on applying for financial products.

Email me at herol@numafinancial.com

I look forward to hearing back from you

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Loan Needed To Purchase Existing Business?

Mar 31, 2008 3:08 PM

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