Quote:
Originally posted by bodypainter
Forgive me for not reading this whole thread to see if this has been asked.
Do you have much experience with commercial credit? I'm looking for a business to buy for my wife to run. A bar or convenience store or somesuch. I have another thread now in this forum about it.
We are both in our late 40's and have pretty good credit and no debt other than our mortgage and one car payment. I'm sending her to our bank tomorrow to start a dialog with the loan people and if it's possible I'd really like her to do this whole thing herself - for it to be her business.
Any thoughts on this?
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I have dealt in some small commercial loans, but not a ton, so take this with a grain of salt.
Generally speaking, a tavern or a convienence store are the two most difficult types of small businesses to get financing for. Usually, unless you have a significant down payment (read: a minimum of 20%, usually 30%) it is unlikely you will find a loan for you without very creative financing.
What do you mean by "do this whole thing for herself?" Are you trying to finance this with only her on the loan? Or simply trying to have this business "be her baby"...
How are you guys sitting financially right now? Do you have a significant amount of cash left over each month?