Post a new topic
    4 Replies Latest reply on Apr 20, 2010 9:07 AM by Bridge

    Financing to buy existing Tanning Salon

    kprotti Newbie

      I'm interested in buying an existing Tanning Salon in Palm Springs, FL. I don't how to start and where to look for information. I have bad credit due to a divorce, I might have someone as Co-signer. Looking to finance 100K. I have my business plan ready to go... Would like to know my options and would appreciate advice!

      Thanks,

      Kenndy
        • Re: Financing to buy existing Tanning Salon
          DomainDiva Ranger
          I am wondering why you want to purchase this tanning salon. Are these places that popular in Florida? Why is the owner selling? Have you done due diligence on the accounts and books of the existing business?

          Banks still have money to lend, but they are being more and more exclusive about whom they lend to. Bad credit from a divorce does not look good and you are going to have to come up with some 'skin for the game' as well.

          Step back and take an objective look at this opportunity. Maybe getting your credit back up and stabilizing your finances could be the best option right now.

          Best, DD
          • Re: Financing to buy existing Tanning Salon
            alittlecrazy Newbie
            I'm not sure about this but I think the owner can carry back paper.
            • Re: Financing to buy existing Tanning Salon
              phanio Pioneer
              Your credit will be an issue but that doe snot mean it will be impossible. Your co-signer will help - in fact, you might have to make the co-signed the actual applicant.

              Have you developed business plan? Have you taked to banks about SBA programs? Lastly, have you asked the current owners to hold the note - where you come up with say 10% down and let the current owner finance the rest?

              Business Money Today
              www.BuisinessMoneyToday.com
              • Re: Financing to buy existing Tanning Salon
                Bridge Navigator
                This is not too unusuall a situation.

                It is still possible to get financing wih poor credit - but harder.

                Several things will be critical:

                1) The tax returns of the business you are purchasing - ut needs to show the ability to generate a profit and pay back the loan.
                2) You will need some down payment

                There are many structual options you have to get the deal done. I would suggest you work with a professioanl business broker to help you analyze the business and review financing options with you.

                Best of Luck,

                Greg Dupuis
                Bridge Ventures, LLC
                Florida Licensed Business Broker