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Here are some of the basics you will need to help secure a loan from a bank:
A business plan.
Clean personal credit with good credit scores.
Some liquid finances of your own.
Financials from the current business.
The reality is most banks are still very tight on lending. They in essence want to see you are an overwhelmingly sure bet before giving you money.
I hope this helps for a start.
All the Best,
....what Im asking is what will i need to do to get the funding from a bank? ....
A miracle. Or significant "readily negotiable collateral" (Real estate, vehicles, etc.)
A month and a half is no history whatever.
Banks have not been excited to lend money to small businesses at all for the last two years.
Even in the best of times, most banks have required two tax returns on which to base their judgements.
Also, I would question (doubt) any reason given for selling a new business after a month and a half. He may have "figures" to show that the business is doing well. - And "figures don't lie"...but "Liars figure".
If the seller is so confident about the future of the business, let him carry the paper on it.
I suggest (if you can get the funds plus operational funds) offering him 25% down, and be happy to get a counter offer of 1/3 down. If he won't accept 1/2 down; find another business to buy.
If you REALLY want him to show his confidence in the business, offer a down payment and an "earn-out" for the balance. If the business does well, he'll receive a higher price. If it does poorly, he'll receive a lower price.