Hello everyone my name is Jeff. I'm working out a deal to purchase a business with the owner of a small assisted living facility (residential 6Beds) Part of the deal would be to lease the facility with an option to buy. Once we sign the agreement my plan is to buy the real estate within a year or two (investment property) when seeking a loan does this fall under a commercial loan. Which SBA backed loan program is available to purchase this type of facility. I will be working as the administrator for the facility.
I can't seem to decide whether to quit my full time regular job because I'm afraid It will be hard to get approve for the future loan to purchase the property because of inconsistent job history. I'm willing to quit my job of 2.5 years because my passion is to help and make a difference in the life of other people particularly the elderly which is lacking in my current job. Any advice is much appreciated. Thank you.
BTW. The facility will be full capacity.
I can't seem to decide whether to quit my full time regular job because I'm afraid It will be hard to get approve for the future loan to purchase the property because of inconsistent job history. I'm willing to quit my job of 2.5 years because my passion is to help and make a difference in the life of other people particularly the elderly which is lacking in my current job. Any advice is much appreciated. Thank you.
BTW. The facility will be full capacity.
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