Getting a Business Loan questions??

Discussion in 'General Conversation' started by Salmonid, Jan 26, 2007.

  1. Salmonid

    Salmonid New Member

    Messages:
    1,833
    State:
    SW Ohio
    Anyone went through the process of getting a business loan for an "existing", well established, retail business? All the books and research is all about getting one for a home based business but Im looking at a whole different thing since Ill have past P&L sheets, collateral in the property and improvements etc. so I know there is different criteria on these. I am to talk to a loan specialist next week just to get some upfront information, nothing formal yet.

    If anyone has been through this or is familliar with the details, please let me know.

    Thanks, Salmonid
     
  2. loanwizard

    loanwizard Well-Known Member

    Messages:
    3,297
    State:
    Coshocton,
    That is a tall order. You need to find someone who either specializes in commercial business lending, or a small locally owned company. For most of these, it requires approx 30% equity, Strong historical financials, and if a sole proprietorship, your credit needs to be stronger than death. When I have done it, I have gone the easy route and had the previous owner finance it, then refied after 5 years with background and relationships. It would help if I knew what the business was, size, annual revenue, epenses, and your qualifications. Being we are both in Ohio albeit on 2 different sides of the state, maybe I might be able to help. Call me or pm me (numbers on website). My best friend is a commercial lender, actually he is the head of commercial lending at a local bank with years of experience w/ Bank One (now Chase) and he has started a bank as well. If he can't help you, he knows a lot of people in that particular specialty.

    Good Luck and welcome to the American Dream (not Dusty Rhodes, or the Dallas Cowboys...oops that's Americas Team....)

    Shawn