I’m interested in buying an existing business that’s already making positive cash flow, rather than starting from scratch. The business will be a multi-unit fast food franchise (think Jimmy Johns, Dunkin Donuts). I was hoping to get a loan for $2MM as I've found a business with an annual cash flow of $500k, and thought I could pay off the loan with the cash flow alone. However, I asked for opinions regarding my chances on other forums, and most have told me that it would be impossible since I don't have much collateral/assets. If that's the case, if I apply for an SBA (7a) loan, then how much can I realistically get with this profile?
Annual income: $85k
Collateral: $80k
Net worth: $600k
Down payment: 20%
Other: I currently have no other loans or debt, 740+ credit score, good financial history
Annual income: $85k
Collateral: $80k
Net worth: $600k
Down payment: 20%
Other: I currently have no other loans or debt, 740+ credit score, good financial history
Aucun commentaire:
Enregistrer un commentaire