Hi,
I'm interested in buying an established sandwich franchise which is being sold for 150k. The cash flow is a little over 70k a year and ran absentee. As for my credentials, I'm currently a taxi driver that takes home about 6k a month after expenses. I have little to no collateral and my credit score is 700+. My question is, what is the probability of being offered a SBA loan to purchase this kind of business assuming all the assets of this establishment will be used as collateral?
Also a side note I have extensive experience in the food industry, if that means anything.
I'm interested in buying an established sandwich franchise which is being sold for 150k. The cash flow is a little over 70k a year and ran absentee. As for my credentials, I'm currently a taxi driver that takes home about 6k a month after expenses. I have little to no collateral and my credit score is 700+. My question is, what is the probability of being offered a SBA loan to purchase this kind of business assuming all the assets of this establishment will be used as collateral?
Also a side note I have extensive experience in the food industry, if that means anything.
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