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Loan help
Posted on 4/12/10 at 4:38 pm
Posted on 4/12/10 at 4:38 pm
I am looking to buy a local small bar and realize banks don't like lending on these .What other options do I have for financing? Or how should I approach my bank with this? It is a turn key bar but very new. The owner is moving out of state and needs to sell quick.
3
Posted on 4/12/10 at 4:44 pm to Alabamya
quote:
I am looking to buy a local small bar and realize banks don't like lending on these .What other options do I have for financing? Or how should I approach my bank with this? It is a turn key bar but very new. The owner is moving out of state and needs to sell quick.
Go into the bank with your shite together. Business plan and projections are a must. Bring the previous owner's financial records, if they show a profit. The bank will be much more likely to lend to someone to buy a profitable business.
Basically, the kind of person who typically wants to buy a bar isn't the kind of person you typically want to lend money to. You have to break the stereotype and show them that you are a business man who thinks this is a good investment.
Posted on 4/12/10 at 4:47 pm to TheHiddenFlask
quote:
previous owner's financial records, if they show a profit
Issue here. The bar has only been open 3 weeks. Owner has major family issues and must sell.
This post was edited on 4/12/10 at 4:52 pm
Posted on 4/12/10 at 4:48 pm to Alabamya
Have you spoken with any Venture Capital firms?
This post was edited on 4/12/10 at 4:49 pm
Posted on 4/12/10 at 4:48 pm to Alabamya
quote:
I am looking to buy a local small bar and realize banks don't like lending on these .What other options do I have for financing? Or how should I approach my bank with this? It is a turn key bar but very new. The owner is moving out of state and needs to sell quick.
Look for a venture Capitalist. high interest but they have the cash
Posted on 4/12/10 at 4:50 pm to carlsoda
Hmm, good luck with that. I seriously doubt you're going to find a VC looking to put money into a bar.
Posted on 4/12/10 at 4:51 pm to RedStickBR
quote:
Have you spoken with any Venture Capital firms?
It is so early I actually have not talk to any firm/bank yet.
Posted on 4/12/10 at 5:19 pm to TheHiddenFlask
quote:
Go into the bank with your shite together. Business plan and projections are a must. Bring the previous owner's financial records, if they show a profit. The bank will be much more likely to lend to someone to buy a profitable business.
Basically, the kind of person who typically wants to buy a bar isn't the kind of person you typically want to lend money to. You have to break the stereotype and show them that you are a business man who thinks this is a good investment.
I agree with THF. Do exactly what he says and then you'll feel better when the bank declines your loan request.....
Posted on 4/12/10 at 8:59 pm to LSURussian
quote:
Hmm, good luck with that. I seriously doubt you're going to find a VC looking to put money into a bar.
This. VC's looking for large high risk investments with possible 10x returns. You will probably get laughed out of the building unless you are trying to buy Club La Vila (and still then...)
quote:
I agree with THF. Do exactly what he says and then you'll feel better when the bank declines your loan request.....
The banker has spoken.
Maybe try to find a smaller local bank. How big of a loan are you looking for? It can't be much for a 3 week old bar.
Posted on 4/13/10 at 12:54 pm to TheHiddenFlask
quote:
Maybe try to find a smaller local bank. How big of a loan are you looking for? It can't be much for a 3 week old bar.
40K
Posted on 4/13/10 at 12:59 pm to Alabamya
i'm in for about $22.50 if that helps
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