Post a new topic
    7 Replies Latest reply on Dec 20, 2007 1:45 AM by loan guy

    How to get the correct loan for me?

    gnc1304 Newbie
      I have been looking into purchasing an existing business, it has been up and running for 20 years and the financial statements have been going up in profit for the past two years, the asking price for the business is $710,000 but i don't have 10% of my own money and most banks only loan up to 90%, and i won't own the building or the land just the franchise. But the business generates over a million dollars in revenue per year. I hope someone can help me.
        • Re: How to get the correct loan for me?
          LUCKIEST Guide

          You said that you are looking into purchasing an existing business.

          Can you share more of your background.
          Do you have an Accountant?? Why are they selling??
          Will the seller hold the notes and you can pay them instead of the bank. Have you contacted your local SCORE office. SCORE helps people who are going into business FREE.

          Good Luck, LUCKIEST

            • Re: How to get the correct loan for me?
              gnc1304 Newbie
              My name is Gian i am 23 years old, i know i am young but very outgoing. My mother lives overseas and i am pretty much on my own i have a steady job, and i do have an accountant thats a close friend of mine. I have not checked SCORE yet i am new to this website, i got a link through an online chat with the bank of america small business loan page and now i am here my credit score is 670 and i have no collateral for the banks, Im also attending college part time now because i use to play football for EAC Eastern Arizona College but was hurt and now i had to move back to my home town and start all over again.
            • Re: How to get the correct loan for me?
              Lighthouse24 Ranger

              Do you have any experience in managing or operating a business -- or at working in this particular industry? Do you have friends or family who would put some of the money? Would the business owner consider partial financing or provide terms for the purchase? Are there other potential buyers who might consider a partnership?

              You have to be bringing something to the table for someone to bet this big on you, and the more you can tell us about the cards you're holding, the more likely we'll be to figure out who might take that bet. I totally understand and admire your enthusiasm, but keep in mind that if the only thing it took to acquire a healthy million-dollar enterprise was wanting to, we'd all be standing in a very long line!
                • Re: How to get the correct loan for me?
                  gnc1304 Newbie
                  Yes i have expereience in managing a business and some in experience in operating a business. I have a very good opportunity in my hands, the business is located in a busy intersection if not one of the busiest in this side of town with two bus stops one on each side of the business. I don't have any family but my mother she lives overseas and has very little money my friends are finishing school just like me and have more debt than me. My accountant friend is willing to help me at no charge and she works for one of the best accounting firms in town. I live in Las Vegas by the way. I want to include in my loan package the ways i can cut shrinkage and costs as well. I basically want to know who are the best banks to go to with something like this and what type of loan is better for me. Thank you.