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1 "correct" answer available (5 pts) 3 "helpful" answers available (4 pts)

5 Replies Last post: Oct 17, 2009 5:48 AM by JasonTees

Small Business Loan for newly aquired boutique

Apr 19, 2008 6:51 PM

jepboutique 1 posts since
Apr 19, 2008

I am in desperate need of a loan for a transfer of ownership of an existing clothing boutique in California. The business has been operating for five years now, however I have only been the president (we are a corporation) since the start of the year. This is where I am running into trouble. Most lenders want at least six months of ownership, generally nine.

I need 55k for a contracted balloon payment on my loan, which is carried by the previous owner. I was unable to get a line of credit from B of A and have yet to file with SBA. If anybody has any suggestions on a loan company that can help out or stear me in the right direction it would be greatly appreciated. THank you.

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LUCKIEST 7,935 posts since
Aug 6, 2007

1. Re: Small Business Loan for newly aquired boutique Apr 20, 2008 10:01 AM

Small Business Loan for newly acquired boutique, Welcome to this web site.
There is one post who says he has 100,000 to invest.
There is another Solly, who says all you need is a credit card terminal.
A have attached a copy of his post.
Good luck, LUCKIEST

My name is Solly and i am a financial consultant at a company called MaxAdvance
in New York city. We are currently helping several small businesses with our
cash advance program. What we do is offer unsecured loans to be used for
whatever you desire without collecting a collateral. We won't take compounding
intrest, just one set factored rate wich means you can take as long as you need
to pay it back without any penalties. CREDIT IS NOT AN ISSUE WITH US. All you
need is a credit card terminal. Please feel free to contact me at any time at
1-866-629-4464 Ext:238.

Take care and good luck,

Solly
Mizrahi
MaxAdvance
smizrahi@maxadvance.com

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brinat0318 28 posts since
Apr 15, 2008

2. Re: Small Business Loan for newly aquired boutique Apr 21, 2008 10:24 AM

Jepboutique,

I may be able to assist you with your loan. My company acquires business lines of credit ranging from $25k - $1M provided that you have a FICO score of 700+. We are usually able to close within 1 - 3 weeks with proper documentation. If your credit is less than 700, we can also assist you in our credit restoration services as well.

Please reply to this post for further details of our services if you are interested.

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Metamorf 21 posts since
Apr 17, 2008

3. Re: Small Business Loan for newly aquired boutique Apr 21, 2008 11:17 AM

Hello,

My name is Patrick I am ceo of P.c incorported a I.s.o. we are curenttly retained by metamorf technologies.They look to invest in small businesses and your business fits the profile I would love to speak with you further about this matter please email me at calvin@metamorfs.com

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financepro 4 posts since
Oct 9, 2009

4. Re: Small Business Loan for newly aquired boutique Oct 9, 2009 5:57 AM

Did you know that your IRA/retirement funds can invest in your business? If you have the $55,000 in retirement money you would be surprised how easily you could obtain the money you need.

Let me know if this concept interests you and I can put you in touch with the Tax attorney who can structure it for you.

Hope this helps,

MACSM5@JUNO.COM

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JasonTees 24 posts since
Oct 16, 2009

5. Re: Small Business Loan for newly aquired boutique Oct 17, 2009 6:10 AM

Have you spoken with the previous owner to whom the $55k balloon payment is due? As the former owner, I'm sure they understand that you won't have $55K laying around, and that bank financing is kind of tight these days. Perhaps you can propose new terms to them...like a term of 5 years at 6.00%.

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Small Business Loan for newly aquired boutique

Apr 19, 2008 6:51 PM

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