All Forum Posts by: Ashley Payton
Ashley Payton has started 1 posts and replied 3 times.
Post: I need a some advice
- Baltimore, MD
- Posts 3
- Votes 0
Originally posted by @Jean Bolger:
People say real estate is about location, location, location- but that is even more true for retail. Any place you could afford to buy just starting out would probably not be the kind of location that would ensure the success of your store (high-end shoes require high-end buyers, who will not be hanging around in low-rent areas, right?)
That's what I think I will end up doing for now.
Post: I need a some advice
- Baltimore, MD
- Posts 3
- Votes 0
@Jerry W. The actual business loan is not really an issue for me. I just mentioned that as an option of sort of a package deal type of thing. I already looked into that and have avenues I plan on taking. My biggest issue is the building if trying to buy makes sense. In my research the points thing did confuse me a bit, but based on what you've replied I think I would just stick to finding a conventional lender or leasing in the meantime! Thanks!
Post: I need a some advice
- Baltimore, MD
- Posts 3
- Votes 0
I am in the process of planning a start-up high-end shoe boutique in my area. I am now at the part of finding financing along side finding a building. Now here's my dilemma:
I am looking for a commercial /retail space that is up for sale rather than just leasing. I figured that would be better for many reasons; collateral being one. So does it make sense for me to find a hard money lender to purchase a building? Not completely clear on how hard money lending works, but it would just basically be like a 5 years loan with the building as collateral. I also figured, just from what I've been reading, hard money lending is a quicker process and I am on a bit of a time schedule so the quicker the better.
Or, should I look into Crowd Funding? I did a bit of research on that also, but it seems most of what I found is for things that are going to some kind of cause, charity , or technology: all of which I am neither.
Or, would it be best for me to find a private lender who could give me a loan to purchase the building and the loan for the actual business while using the building as collateral? Like killing 2 birds with one stone.
Or, should I take my chances with a bank? My credit is not the best, but it's decent and my business plan is pretty solid. And I'm sure they will also use the building as collateral.
I have a few buildings in mind and I am just trying to figure out my best options before proceeding. I really am confused as to what track to take and I am not up for wasting my time.
Help me figure this out!!! Thanks =)