Post a new topic
2 Replies Latest reply: Mar 14, 2009 8:58 AM by bmt2008 RSS

Looking for help to finance a purchase of a club

Lindholm77 Newbie
Currently Being Moderated

I'm trying to get a loan to buy a nightclub. I'm from Sweden where I used to work as a bartender. My goal is to get a nightclub in Florida.

I have found one that looks REALLY interesting, they want either 600k for it or 25% down and they will finance the rest. Since me and my wife are so young, there is just no way that we can come up with kind of money yet. I could probably put in 20k but that's about it.

The club we are looking at is located in Downtown Miami.

Since I'm not a citizen yet I do not have a credit score at all and my wife's credit is not good.

I have not yet contact the seller of the club with because I dont want to waste their time with no money.

Looking forward to hear from anyone who can help us!

/ Tommy

  • Re: Looking for help to finance a purchase of a club
    LUCKIEST Master
    Currently Being Moderated
    Looking for help to purchase of a club, Welcome Tommy

    I also do not want to waste your time. Have you developed a Business and Marketing Plan that I can read??

    Talk to me, LUCKIEST
  • Re: Looking for help to finance a purchase of a club
    bmt2008 Novice
    Currently Being Moderated
    Tommy,

    To be extremely honest with you - you have no credit and your wife's credit is bad. No one will lend to you. No matter what anyone else tells you - no one will lend you $600K or 25% for a down payment - that is just the reality of it.

    You do have two options that I can think of. First, find a partner with money - someone that not only has the $600K or $150K downpayment and also has experience runing a business in Florida. You can get out into your community and network. Talk to people - you never know who you will meet.

    Second - if you have $20K - why not start with something a little smaller. There are many franchises (even some of the best franchises like Subway) that only require arount of $15K to $20K. If your long-term goal is to own/run a night club - then work up to it.

    Just my thoughts

More Like This

  • Retrieving data ...

Legend

  • Correct Answers - 100 points
  • Helpful Answers - 100 points