SavingsTalk.com

vanGoog · 10-31-2007, 07:21 PM

Trying to find a lender to loan me $80,000 to buy a very profitable business. My credit score is 730 and my husbands is 640. The business makes approx. $15,000 a month. I am looking something like a personal loan because I really don't want to deal with all the paperwork, appraisals, and everything involved. The business is selling for $57,000 but we need working capital and have to have it up to fire codes. Have to install fire doors, smoke and fire alarm, wiring etc. So $80,000 would be plenty. Can anybody give me some options?<br />Just every lender telling me something different. The first lender I talked with said no problem, second lender takes 8% of what we are trying to get. The last lender I talked with had my pay $44.00 for my credit scores, then they would take 1% of the loan , then to proceed she needed $595.00 to perform a background check and to see if she could find me a lender. I guess I don't know who to believe or what it should cost. I have been doing this since the beginning of Sept. and tired of all of it. I just want to get the paperwork all done and submit it. <br /><br />Another question I have is, the business loan application is asking to the owners info. She doesn't want to give the information until it looks like we will get the loan. How can I fill out the application if she won't tell me.<br />

Hawa · 10-31-2007, 07:21 PM

Whoever you deal with, unless it Vito on the corner, will require a business plan to see if your idea is sound. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for instructions on how to write a business plan and sample business plans. No lender will lend you 100% needed because they want you to assume some of the risk. You will probably have to provide 20% - 30% of the money needed.

lenia · 10-31-2007, 07:21 PM

You want to own a business but don't want to go through the proper methods nor channels?

My opinion... give up the dream now before you start. As you, no offense, clearly do not the mental level of a business owner. Business owners LIVE, let me repeat that... LIVE their job. If you don't even want to do paperwork, have it appraised, etc. Then how do you actually plan on "wanting" to take care of the customer?

I am not trying to be mean but giving you the fact of reality and from a business owners mouth, a person that does not profit from your venture so is willing to give you the truth.

Only about 1% of people are "business owner" material. Your life will revolve around this business 100%, it will suck your free time away and take much of your money. If you are not up for the game... the game can take you to the cleaners, fast. Aka bancruptcy.

10-31-2007, 07:21 PM	#1
vanGoog Greenhorn Join Date: Jul 2006 Posts: 8 Rep Power: 0	Trying to find a lender to loan me $80,000 to buy a business. Don't want to be hassled by alot of paperwork. Trying to find a lender to loan me $80,000 to buy a very profitable business. My credit score is 730 and my husbands is 640. The business makes approx. $15,000 a month. I am looking something like a personal loan because I really don't want to deal with all the paperwork, appraisals, and everything involved. The business is selling for $57,000 but we need working capital and have to have it up to fire codes. Have to install fire doors, smoke and fire alarm, wiring etc. So $80,000 would be plenty. Can anybody give me some options?<br />Just every lender telling me something different. The first lender I talked with said no problem, second lender takes 8% of what we are trying to get. The last lender I talked with had my pay $44.00 for my credit scores, then they would take 1% of the loan , then to proceed she needed $595.00 to perform a background check and to see if she could find me a lender. I guess I don't know who to believe or what it should cost. I have been doing this since the beginning of Sept. and tired of all of it. I just want to get the paperwork all done and submit it. <br /><br />Another question I have is, the business loan application is asking to the owners info. She doesn't want to give the information until it looks like we will get the loan. How can I fill out the application if she won't tell me.<br />

10-31-2007, 07:21 PM	#2
Hawa Greenhorn Join Date: Jul 2006 Posts: 29 Rep Power: 5	Trying to find a lender to loan me $80,000 to buy a business. Don't want to be hassled by alot of paperwork. Whoever you deal with, unless it Vito on the corner, will require a business plan to see if your idea is sound. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for instructions on how to write a business plan and sample business plans. No lender will lend you 100% needed because they want you to assume some of the risk. You will probably have to provide 20% - 30% of the money needed.

10-31-2007, 07:21 PM	#3
lenia Greenhorn Join Date: Jul 2006 Posts: 18 Rep Power: 0	Trying to find a lender to loan me $80,000 to buy a business. Don't want to be hassled by alot of paperwork. You want to own a business but don't want to go through the proper methods nor channels? My opinion... give up the dream now before you start. As you, no offense, clearly do not the mental level of a business owner. Business owners LIVE, let me repeat that... LIVE their job. If you don't even want to do paperwork, have it appraised, etc. Then how do you actually plan on "wanting" to take care of the customer? I am not trying to be mean but giving you the fact of reality and from a business owners mouth, a person that does not profit from your venture so is willing to give you the truth. Only about 1% of people are "business owner" material. Your life will revolve around this business 100%, it will suck your free time away and take much of your money. If you are not up for the game... the game can take you to the cleaners, fast. Aka bancruptcy.

SavingsTalk.com

Your guide to saving money and making smart investments!