Best place to borrow $$500-750K

[statnerds]

long and short of it

friend selling business. some details i cannot reveal, but he just wants out.

pizza joint/bar. ~$1.4 million sales each year L3 years.

asking $400,000

don't got nearly that much.

looking for $500,000 to $600,000 to pay his ass, settle any outstanding debts and keep enough cash on hand to handle unforeseen circumstances, ie repairs, new equipment, etc.

ideas?

[Extra Innings]

Going to be tough in this economy.


You need to bring his profit/loss statements to a real bank with a business plan (how are you qualified to take over this business? Does he have debt? Why is he selling? If he declared 1.3 he made a lot more than that---it's a cash business.


You may also want to hit up family members (as partial owners)...

[Fishhead]

BANK

Poster Gravy

[THE PROFIT]

The CU where Brock banked until last week

[Extra Innings]

The CU where Brock banked until last week

[sundin4prez]

its going to be tough..... but good luck

[lyon804]

You probably are going to need some other collateral to put up for a bank to come to the table and talk. Most likely a home with equity.

[GJMike]

Yea, I dont think banks are lending on restaraunts right now at all. Unless you are going to secure the loan with some kinda of collateral.

[tyrephd]

will he finace any of the note? what if you come up with say 150K and he carries the rest?

[Doug]

[Slim]

A bunch of no talent fucks right there.

[statnerds]

wow, whole bunch of no's to start this process. banks are some tight-fisted mo-fo's right now.

thanks barry, nice economy douchebag. 4 years of dems holding purse strings get us this?

[UntilTheNDofTimE]

Wasnt the purpose of the bank stimulus plan to make loans easier for potential business starters?

[sundin4prez]

you probably have no chance of getting this loan unless you own a house close to the value of the loan, excellent credit, very stable income, a good business plan and patience...

[ehp6737]

Too funny

[str]

Think long and hard on borrowing a lot of money for a business venture.
The failure rate is 40% or thereabouts for restaurants.
Plan on being there from before you open to past close every night also.
It's not what you want to hear but it is what it is.