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Last post:
Feb 17, 2009 11:30 PM by
bmt2008
Luckiest,
Thanks you for your reply. I do indeed have a business plan. This is just the next phase to a business expansion I did through out the SBA funded Feb 2008. The 504 will be closed this Feb 09. I have already done the market analysis and demand for goods and services in this new geographical area. I honestly thought this phase was included in the last expansion with the SBA. Through the ups and downs of SBA red tape and Rhino Linings "territories" it was not part of the package. The good thing is that I have already done the pre marketing to see just how much this new area needed specialty coatings. We are currently doing all kinds of coatings in this new area except Rhino Linings. In this new area there are several auto dealers, excavation companies and government entities that are waiting for Rhino Linings. We coat more than bed liners. In our current area we have Rhino Lined Police SWAT vehicles, police cars, street sweepers, concrete shoots and this next spring the water slide at the community pool. Rhino Linings assigns in territories and we want to buy this territory and the equipment to operate it. We have many people waiting for us to get up and running in the new territory, many of which I just mentioned above. I am looking at a 4yr.loan. I am willing to make a monthly interest payments in the ball park of $2500.00. When our building and property were appraised for the SBA loan in 2008 the appraiser claimed value at just what we needed for funding as the appraisal went off of blueprints and an equipment list.This was at the discretions of our bank president. We actually have 350K equity currently as it sits up and operating. I cant touch anything for a short while as the SBA is moving in for the close. This equity and one other relistate investment are where I plan to find repayment. Collateral for the loan will be the new dealership itself and the equipment in it. To resale it as is will not cover the note. The potential anual cash flow of the dealership is 350k to 450k based on our current volume at Streamline, where our current Rhino dealership is.
I have 2 other business partners both active members/managers at Streamline. We have history of hugely increased sales volume over the last 6 years and the reports to show it. We have a reputation in our region for outstanding workmanship, honesty and dependability. People travel from all over to come to Streamline for their coating needs. We currently have 3 banks that endorse our services and reputation, none of which are handing out commercial loans at this time unfortunately.
The bank president of the bank involved in the 900k SBA loan will personally endorse our business, it's ethics, and the authenticity of our determination and our word.
Luckiest, I have honestly had this deal to borrow 200k sold 6 times to local investors who know us and work with us. Everyone has their $ tied up in real estate or in the market. This is why I have joined this forum. I am so glad I did and please give me any incite on how to sell this deal to someone who doesn't know who I am or how I run my ship.
All advice and criticism welcome.
Many thanks!
Hazen
Thanks you for your reply. I do indeed have a business plan. This is just the next phase to a business expansion I did through out the SBA funded Feb 2008. The 504 will be closed this Feb 09. I have already done the market analysis and demand for goods and services in this new geographical area. I honestly thought this phase was included in the last expansion with the SBA. Through the ups and downs of SBA red tape and Rhino Linings "territories" it was not part of the package. The good thing is that I have already done the pre marketing to see just how much this new area needed specialty coatings. We are currently doing all kinds of coatings in this new area except Rhino Linings. In this new area there are several auto dealers, excavation companies and government entities that are waiting for Rhino Linings. We coat more than bed liners. In our current area we have Rhino Lined Police SWAT vehicles, police cars, street sweepers, concrete shoots and this next spring the water slide at the community pool. Rhino Linings assigns in territories and we want to buy this territory and the equipment to operate it. We have many people waiting for us to get up and running in the new territory, many of which I just mentioned above. I am looking at a 4yr.loan. I am willing to make a monthly interest payments in the ball park of $2500.00. When our building and property were appraised for the SBA loan in 2008 the appraiser claimed value at just what we needed for funding as the appraisal went off of blueprints and an equipment list.This was at the discretions of our bank president. We actually have 350K equity currently as it sits up and operating. I cant touch anything for a short while as the SBA is moving in for the close. This equity and one other relistate investment are where I plan to find repayment. Collateral for the loan will be the new dealership itself and the equipment in it. To resale it as is will not cover the note. The potential anual cash flow of the dealership is 350k to 450k based on our current volume at Streamline, where our current Rhino dealership is.
I have 2 other business partners both active members/managers at Streamline. We have history of hugely increased sales volume over the last 6 years and the reports to show it. We have a reputation in our region for outstanding workmanship, honesty and dependability. People travel from all over to come to Streamline for their coating needs. We currently have 3 banks that endorse our services and reputation, none of which are handing out commercial loans at this time unfortunately.
The bank president of the bank involved in the 900k SBA loan will personally endorse our business, it's ethics, and the authenticity of our determination and our word. Luckiest, I have honestly had this deal to borrow 200k sold 6 times to local investors who know us and work with us. Everyone has their $ tied up in real estate or in the market. This is why I have joined this forum. I am so glad I did and please give me any incite on how to sell this deal to someone who doesn't know who I am or how I run my ship.
All advice and criticism welcome.
Many thanks!
Hazen
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