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1 Replies Last post: Jun 5, 2009 2:04 PM by phanio

BOY DO I NEED HELP

Jun 5, 2009 1:21 PM

ISAWASH 3 posts since
Jun 4, 2009

I have auto transport business in southern California, and have an employee who wants to buy me out (selling for $250k) and I need help getting him financed.
I also have a property in Corona California that I plan on building a car wash and I need a construction type of loan to build the wash ($1.2m) the properly is paid in full (property value 450k)
my dilemma is I used to have super credit but due to the slow down in car sales we are also slow in making our payments on time and the credit score is way down.
(I have been in the auto transport business for the last 15 years)

any ideals or advice would be great.
thanks
Isabel

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phanio 483 posts since
Apr 7, 2009

1. Re: BOY DO I NEED HELP Jun 5, 2009 2:04 PM

Most banks love management buyout deals - has your potential buyer contacted their bank? Look for a bank that does SBAs. Or, you could hold the note for the buyer.

For your other deal - there are many non-bank commercial mortgage lenders that could help you. We list several on our website. Just know that they will encumber your business assets and ask for personal guarantees - given your credit history - plus probably will only give 60% to 70% LTV on the property.

Business Money Today
www.BusinessMoneyToday.com

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This Question is Possibly Answered

BOY DO I NEED HELP

Jun 5, 2009 1:21 PM

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