Post a new topic
    1 Reply Latest reply on Feb 3, 2009 3:45 PM by gegrus

    Need business loan of $120,000 to purchase language school

    ElizabethRU Newbie

      I am an American expat living in Russia, and have lived here for 3 1/2 years. I recently left my job as a fundraiser for a non-profit to go into business for myself. I am developing some ideas, freelance teaching, and am currently looking into buying a language school that an acquaintance of mine started 5 years ago and is selling. In my opinion, it is a good deal, and also, the reason she is selling it is because she is leaving Russia forever, she is also trying to sell her real estate (although she could make tons on both if she just waited a year--that is how much she wants to leave). The school is quite profitable in this time of crisis, and in addition, they do not market themselves. Also, the owner has been uninvolved in the business for the most part for the past 2 years, so the Russian staff run it completely. My function would be to bring in more business, and I have a lot of marketing ideas, however, even if I were to do nothing, the business would continue to be profitable (and bring in more than 30% return on investment per year). I am at the stage of trying to scrape together between $75,000-$120,000 (I have a partner doing the same) to try to offer $200,000 for this school. Once we have come to a preliminary agreement, I will hire a lawyer and accountant and we will go through all of the documents. Does anyone have any suggestions of where I could find a good lender who would finance an overseas operation like this? I have a good U.S. credit score, but no official income right now. It is possible my parents could co-sign on a loan. If anyone is interested in more details, depending, I could furnish them through private message.

       

      Elizabeth