Restaurant loan question

Board Topic: business loan difficulty finding a lender
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Posted by: rhonda Aug 25 2004, 04:50 PM
I am trying to open a restaurant in the Kings Mountain area of North Carolina. I am having difficulty finding a lender. Do you have any suggestions? smile.gif

Posted by: loanuniverse Aug 25 2004, 06:39 PM
Rhonda:

Do you have a formal business plan that includes a market analysis? Providing that kind of support might help convince a lender.

Being completely honest, this type of loan will be difficult to fund. Most mainstream lenders avoid giving loans to restaurants, and your project involves a startup. That is what they call having two strikes against you.

Sorry to be the bearer of bad news.


Posted by: Commercial Lender Aug 26 2004, 05:58 PM
Restaurants have a notorious rate of failure. High credit scores, availavle capital and business exp are the most important factors. Do you intend to finance the business or also the real estate?
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