To all, I would like to discuss financing recommendations for my small business.
I was told bank finaincing would likely be 8% amortised over 20 years. and that sounds pretty good, but I would like to know if I have any better financing options. as well as Pro's and Cons for
1. Bank financing (my accounts are at BOFA)
2. Private financing
3. Low interest government loans (I always hear and read about these, but I can't find any info)
4. other financing ooptions
Here is some background information....
I am a partner in a small business in Renton, Wa.
I also own the building in which the business resides.
I have reached a tentative ageement to buy out my partners interest in the business.
I would like to use the buildings equity to finance the business purchase and also consolidate some past operating debt.
My Building has an existing mortgage with a balance owed of $192,000. The note is privately held, 7% amoritised over 30 years. Two separate commercial agents have recently provided me with a "comparative market analysis", One from $500,000-$550,000 and the second $525,000-$575,000 for the building.
I would like to pull $200,000 in equity from my building for the partner buyout and to consolidate operating debts. ($100,000 or more of building equity would remain) Current operating debt payments are +/- $5000/month. . The debt consolidation will likely reduce my monthly payments considerably.
I have excellent credit (over 800 fico score). I have personal assetts to cover the purchase, but do not necessarily want to use my homes equity or retirement of college funds to make this purchase.
any info or discussion would be helpful ..... Thanks for your time ... Ron
I was told bank finaincing would likely be 8% amortised over 20 years. and that sounds pretty good, but I would like to know if I have any better financing options. as well as Pro's and Cons for
1. Bank financing (my accounts are at BOFA)
2. Private financing
3. Low interest government loans (I always hear and read about these, but I can't find any info)
4. other financing ooptions
Here is some background information....
I am a partner in a small business in Renton, Wa.
I also own the building in which the business resides.
I have reached a tentative ageement to buy out my partners interest in the business.
I would like to use the buildings equity to finance the business purchase and also consolidate some past operating debt.
My Building has an existing mortgage with a balance owed of $192,000. The note is privately held, 7% amoritised over 30 years. Two separate commercial agents have recently provided me with a "comparative market analysis", One from $500,000-$550,000 and the second $525,000-$575,000 for the building.
I would like to pull $200,000 in equity from my building for the partner buyout and to consolidate operating debts. ($100,000 or more of building equity would remain) Current operating debt payments are +/- $5000/month. . The debt consolidation will likely reduce my monthly payments considerably.
I have excellent credit (over 800 fico score). I have personal assetts to cover the purchase, but do not necessarily want to use my homes equity or retirement of college funds to make this purchase.
any info or discussion would be helpful ..... Thanks for your time ... Ron
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