Post a new topic
    1 Reply Latest reply on Mar 25, 2009 3:33 PM by LUCKIEST

    Economy is killing the average man, can't get a loan...

    StevenFSU Newbie
      Ok here is the deal... I am a college educated professional who has an opportunity to purchase a business but because of the economy I can't seem to get a loan? It's not like I'm asking for 500k or a mil...I'm asking for 150k!?!? The risk is that it's a club/bar... apparently high risk even though there's been a bar in this location for 15 years! The business is showing 500k gross and over 100k net on the tax returns, 100k in assets, In the best location in this city backed by the support of one major university and one college, I have great credit 750+ beacon score, it's only open 3 nights a week so I'm not quiting my day job but for some reason I can't get a loan for the 150k I need to purchase!? I don't understand... How can the average guy ever expect to get ahead in the world if the banks of the world aren't willing to take a chance on you? One comment I got from a major bank was... we only wrote 300 million dollars in loans last quarter, times are tough and getting a loan in this economy is hard. 300 million in a single quarter?!?!?!? Wow yeah times are tough... One other comment I was given was, if you're not a neurosurgeon you are out of luck my friend. Well That's 1% of the country! I'm very disappointed at the moment but still hopeful... if anyone has any idea's please let me know. Thanks