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    1 Reply Latest reply on Mar 27, 2009 10:30 PM by LLCguy

    Odds of obtaining loan?

    jtmac77 Newbie
      Hello to all -

      I have the opportunity to acquire a building, land, and parking lot that serves as a longstanding restaurant (SW Florida). The asking price is $1.2mm. Currently the restaurant owners are leasing this building for around $7-$8k per month.

      Now, within 1 year their lease is up and are retiring leaving the business for good. My plan is to reopen the restaurant and pattern it after my families restaurant that has been in business for over 35 years. There is no reason this restaurant would gross less than $1mm annually.

      Personally, I have quick access to 25-30k in cash and an above average credit score. Provided that I create a well written business plan, what do you thing the odds are of obtaining a loan of this size in today's economy?

      Thanks in advance for you reply's.