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Updated over 4 years ago on . Most recent reply

User Stats

51
Posts
11
Votes
Chad Trail
  • Investor
  • Waco, TX
11
Votes |
51
Posts

Private/Hard money for biz acquisition w/RE

Chad Trail
  • Investor
  • Waco, TX
Posted

I’m trying to buy a high cash flowing business that has not been effected by COVID. Real estate is valued at about $1M and business is worth about $700k. Cash flowing $300k/yr, even in 2020.

I have had 3 banks turn me down for a 7a loan because I also own a restaurant. Most banks now don’t want any involvement in any way with restaurants. Despite the fact that mine is doing fairly well, 83-88% of Q1 revenue.

Is there a private or hard money lender that will do a loan on the real estate with $100k down. The seller will finance the remainder.

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