I am a business owner myself for last 5 yrs but on a small budget. close to 1/4 million but now I am looking for a day care to buy and those numbers are HUGE by my standards. I am going to give you what I know about day care and then I will ask my questions please help if you can.
This day care has yearly gross of 2.4 million in 2011 and 2.2 million in 2010. Net profit of $680,000 which is sitting on a independent building whose real estate has been apprasied at 2.3 million. The seller is asking $5.5 million. I dont have a problem evaluating the price. That is not where I need help.
These #s are just release verbarlly from seller agent and they are asking me to provide a bank letter kind of preapproval letter saying I can secure this funds. Seller does not want to release any legal documents (business tax returns etc) the bank is saying 85% of new loan is new loan and they need the seller to release.
Question 1. What questions should I ask seller so they release bare minumum paper for me to give to bank.
Question 2. Do you know any particular bank or lenders who can give me $4 million loan. This is acquition loan. I am an imigrant so are there any programs from govt that help or provide loans for minorities. Small business. Are there any private investors that can help me here in securing loans.
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