| Posted by: bob681 Feb 11 2003, 05:57 AM |
| I'M NOT SURE IF THIS IS THE PROPER PLACE FOR THIS QUESTION, I GUESS I'LL FIND OUT. I NEED ADVICE ON AQUIRING A BUSINESS LOAN. I AM LOOKING TO PURCHASE AN EXISTING BUSINESS OF AN APPROXIMATE VALUE OF $200,000. I HAVE $15,000 IN AN ACCOUNT AND PROPERTY WORTH (ACCORDING TO TAX APPRASIAL) $130,000. I HAVE NO OTHER INCOME AT PRESENT. WHAT WOULD BE MY BEST PLAN OF APROACH AT THIS TIME? THANKYOU BOB |
| Posted by: loanuniverse Feb 11 2003, 06:57 PM |
Hello Bob681:
Thank you for visiting. The first thing that I would mention about your planned purchase is that I would need a lot more information to give you tailored advice. Nevertheless, I will give you some general ideas off the top of my head about how to do this.
A reputable lender that is looking to give you a loan that will help you while it still gives them a decent rate of return is interested in the capability of repayment of the business you are looking to buy. Therefore, your first step would be to get a hold of some financial information from the seller so that you can get an idea of the profitability of the business and find out if this business is really worth $200,000. I did a couple of articles about business valuation http://www.loanuniverse.com/valuation.html and http://www.loanuniverse.com/valuation2.html
Once you have done that prescreening you can read on how to get a bank loan by http://www.loanuniverse.com/banks.html. Feel free to post specific information about your case and I might be able to give you more detailed advice.
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