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3 Replies Last post: Apr 18, 2009 4:32 AM by phanio

Need help financing purchase of a gym

Apr 16, 2009 10:11 PM

Lindholm77 2 posts since
Mar 13, 2009

Hello, Me and my wife have found a Gold's gym that we really want to buy.

They are asking $400,000 for it but I'm sure we could get it down a little.

I have worked at gym for 3 years, so I know the business plus my family have had gyms before so they could help out if needed.

Our problem is that we are running low on money. We can pull together around $45,000 - 65,000 but we do not have the $400k.

I have a good income but I DO NOT have a SSN. I will get in 2 months. My wife don't have a good credit from earlier, however we do have a really close friend that could help co-sign, and she has a good credit.

About the gym:
Asking Price - $400,000
Sales revenue - $994,000
Net profit - $188,000.
employees - 14

Any ideas where we can get a loan?

Thank you / Tommy

Tags: alternate_financing_options, small_business_loan, loan_to_take_over_business Report as inappropriate

wilfin 106 posts since
Feb 22, 2009

1. Re: Need help financing purchase of a gym Apr 16, 2009 11:02 PM

Tommy, please call me at (910) 392-8740 and lets talk. Before I became involved in the financing business
I was in the gym business for 17 years! So that's dear to my heart. Give me a call and lets talk.

Thanks, Chris Harper

www.wfginc.net

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LUCKIEST 7,942 posts since
Aug 6, 2007

2. Re: Need help financing purchase of a gym Apr 17, 2009 6:34 AM

Need help financing purchase of a gym, Welcome Tommy

If you need help financing the purchase of a gym, you need a business and marketing plan that I can read.

Where are you?? Talk to me, LUCKIEST

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phanio 487 posts since
Apr 7, 2009

3. Re: Need help financing purchase of a gym Apr 18, 2009 5:52 AM

Have you tried a SBA Loan - with the down payment you have, co-signer and buying an established business is perfect for a SBA loan. Contact your local bank(s) and see who offers SBA lending - might be your cheapest way. Plus, with the down you have - would the current owner finance the remaining?

Business Money Today

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Need help financing purchase of a gym

Apr 16, 2009 10:11 PM

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