I have the chance to purchase a "fast food" sub shop in a large shopping mall for $200,000. The restraunt was remodeled in 2004 with all new appliances and decor that will all convey. The lease is good until 2013 also. Rent in the mall is $4800 a month. I have the past 3 years of statements for the business and last year they had net sales of $245,000, avaraging between $5500-$6000 in sales a week. The area this is in is in an up and coming revitalization of downtown Virginia Beach aka Town Center. Im talking million dollar condos above street shops and top notch businesses. Within the next year they are going to be builind a pedestrian bridge between downtown and the mall itself for increased traffic. I personally cannot see anything but good things come from this. I have been managing for 6 years now so I know I can handle the responsibility. My question is I am 27 years old, have 2 houses (one is a rental) and the other we just purchased a month ago. Ive been looking into this franchise for a while now and this just came out of nowhere or else I would not have bought our current house so quick. I really dont have any downpayment so I would need to get a SBA for $200,000. Am I wasting my time or do you think I could get the loan for this? My fica score is 809 and my wife has a fica score of 788. We have 2 late model cars paid off so we have no bills to speak of except a mortgage. Any help would be appreciated.
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