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    3 Replies Latest reply on Apr 18, 2009 5:52 AM by phanio

    Need help financing purchase of a gym

    Lindholm77 Newbie
      Hello, Me and my wife have found a Gold's gym that we really want to buy.

      They are asking $400,000 for it but I'm sure we could get it down a little.

      I have worked at gym for 3 years, so I know the business plus my family have had gyms before so they could help out if needed.

      Our problem is that we are running low on money. We can pull together around $45,000 - 65,000 but we do not have the $400k.

      I have a good income but I DO NOT have a SSN. I will get in 2 months. My wife don't have a good credit from earlier, however we do have a really close friend that could help co-sign, and she has a good credit.

      About the gym:
      Asking Price - $400,000
      Sales revenue - $994,000
      Net profit - $188,000.
      employees - 14

      Any ideas where we can get a loan?

      Thank you / Tommy