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    1 Reply Latest reply on Jul 24, 2008 2:38 PM by PiperE

    I need to raise $150k for a restaurant/bar purchase!

    mil600 Newbie

      I am currently in the process of raising 250K to acquire a restaurant in an AAA location in Temp, AZ. I currently have 100k raised and am willing to give up some ownership to get this done. I have extensive experience in opening and running multiple high volume concepts and this is my first adventure in going out on my own! I have a business plan and projections to share with the right individuals and hope someone can either help me or lead me in the right direction. I have already tried to obtain an SBA loan but due to the sellers poor financial's, it was denied. I have seen this locations do great things in the past and feel it is only missing a hands on operator!

      Please help...
        • Re: I need to raise $150k for a restaurant/bar purchase!
          PiperE Wayfarer

          Maybe you didn't go to the right SBA lender. I took a restaurant deal to the largest SBA lender in the US and they said, no way. It took the deal to another and they said, sure, we'll look at it.

          If the business has poor financials, you need to show a convincing plan for turning it around. Plus, very important, you need to have the credit score and net worth to back you up. You have to be able to show how you will be able to easily make the loan payment, cover any negative cash flow and support your self while getting this restuarant turned around. It is you who has to be taking the risk, not the lender.

          Any questions, feel free to call or reply here

          Paula Serber
          Business Funding
          SBA, franchise loans and unsecured business lines of credit