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4 Replies Last post: Oct 1, 2008 3:57 PM by trusty_oc

Need a SB LOC

Oct 1, 2008 2:17 PM

Click to view trusty_oc's profile Professional trusty_oc 3 posts since
Oct 1, 2008

Hi All,

I just found this resource! Happy to be here.

I am want to buy an established, independent auto repair business in Orange County, CA. I am borrowing the down payment from friends and family, but need a small business LOC ($100K) for operating costs, just in case.

  • I have never owned or operated a business, but have management skills.
  • I don't have any practical experience in the auto repair industry, however, my Dad was a mechanic and taught me a lot. I have no desire to actually work on cars, but would like to manage and grow the business. Cars are my passion, btw.
  • We have some equity in the house we own.
  • My credit score is >750

In the current lending climate, am I out of luck or are there lenders that can help me?


Thank you,
Trusty

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Click to view LUCKIEST's profile SCORE LUCKIEST 7,938 posts since
Aug 6, 2007
1. Re: Need a SB LOC Oct 1, 2008 2:35 PM
Need a SB LOC, Welcome

Tell me more. Go to Members page and share some info.

Have you developed a Business and marketing Plan that I can read??

LUCKIEST
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Click to view Fortis's profile Mogul Fortis 239 posts since
Jul 24, 2008
2. Re: Need a SB LOC Oct 1, 2008 3:30 PM
Hello Trusty_oc,

Welcome!!

I think we can certainly help. Sounds like an SBA would be the best option for you. Do you have a business plan?

If so email it over. You can see our profile by clicking on the user name.

Collin
Fortis Capital
cobringer@gofortis.com
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Click to view trusty_oc's profile Professional trusty_oc 3 posts since
Oct 1, 2008
3. Re: Need a SB LOC Oct 1, 2008 3:55 PM
in response to: LUCKIEST
LUCKIEST,

Thank you for the fast response!

I am currently developing the business plan - I will send you a soft copy as soon as it's 85% complete.

Thank you,
Trusty
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Click to view trusty_oc's profile Professional trusty_oc 3 posts since
Oct 1, 2008
4. Re: Need a SB LOC Oct 1, 2008 3:57 PM
in response to: Fortis
Colin,

Thank you, too, for the fast response. Like I wrote to LUCKIEST, I will send you a soft copy of the business plan as soon as it's worthy of distribution.

Take care,
Trusty
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