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Posted by: nick bhatt Nov 8 2004, 10:24 AM
Hello everyonw once again,
as i said before i have been going through a deal to buy a gas station which has asking price of $ 190,000
the seller wants to sell his business to someone who can pay all cash , which is not possible in my case
beause i have got agree to pay $100,000 down and rest i want some body to finance me
my score is 600 right now ( the reason of 600 score is i have started building up credit just in february)[/I] and i want financing of $ 90,000
all the documents and the profit of the business could be disclosed upon request
i really appreciate if somebody help me out
Thank you

Posted by: loanuniverse Nov 8 2004, 04:21 PM

You mentioned earlier that you were not a citizen, but if you are a resident you should be able to swing an SBA guarantee. I would seriously look into this kind of financing.

The problem is that a lender might not be that interested in doing the loan because of the size alone {ie: too small to produce enough fees or to put enough money to work}.

On the other hand, the loan could make sense if the cash flow is there, but putting the kind of effort into the underwriting might not be something a lender might be willing to do. Adding a government guarantee makes it more appetizing.

Did you go over the lease in detail? if I remember correctly that was an issue earlier.

Posted by: nick bhatt Nov 10 2004, 08:15 AM
thanks for your prompt response
if you are interested in this kind of loan than please give me your email or phone number where i can reach you OR if you don't like to give me your phone number than give me a call on my cell number 516-870-2221
i will give you all the details about the cash flow ( i think it's not appropriate to disclose all information in this forum )
and i talked to the landlord and he said that he is not interested in selling the property at this time
but anyway the rent right now is 83,000 / year .
If you think that the loan amout is too low which will not cover your fees than i would like to buy the busienss on my own ( right now i have a partner with me )
i want to discuss all this with you on phone or via email
once again i appreciate your response
Nick Brahmbhatt

Posted by: loanuniverse Nov 10 2004, 08:54 AM

I am not a lending officer. I work in the back office underwriting these deals. I also have a policy of not recommending anyone.

I am sure you will get contacted by someone, but you should be proactive and contact a couple of lenders yourself. Get the financial information and wathever purchase agreement you have and make copies so that you can shop around.

If the cash flow is there and with the fact that you are giving a substantial down payment the deal could very well be possible.

In conclusion:

- Keep the borrowing as local as possible. Tell the lender {a community bank nearby} that you are not only looking for a loan, but also for a place to keep your business checking and run your credit cards through {that will get the idea of fees dancing in their heads}.
- Try at least two lenders.
- Prepare yourself by creating packages chuck full of information {creating a one page background information about yourself would be a good idea}

Good luck


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