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post #1 of 44 (permalink) Old 06-08-2009, 04:46 PM Thread Starter
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business loan question

so i would like to get a business loan with nothing to back it up. since democrats can do it. Can i?


its a turn key business. Can the business be enough, or would the bank say hell no mofo. I have to go to the bank anyway to refinanch my other loan. so i was gonna ask them.
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post #2 of 44 (permalink) Old 06-08-2009, 05:44 PM
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Does the business have any accounts recieveables or assets?
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post #3 of 44 (permalink) Old 06-08-2009, 05:48 PM
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you should probably ask your vague, stupid, loaded question on a sportbike forum. That makes sense.

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post #4 of 44 (permalink) Old 06-08-2009, 05:58 PM
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Why wouldn't they give you money? That's what they do.
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post #5 of 44 (permalink) Old 06-08-2009, 05:59 PM
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post #6 of 44 (permalink) Old 06-08-2009, 06:03 PM Thread Starter
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Quote:
Originally Posted by MVRC51 View Post
Does the business have any accounts recieveables or assets?
property, building, and inventory. dat is all I know.



Quote:
Originally Posted by Vcook
you should probably ask your vague, stupid, loaded question on a sportbike forum. That makes sense.
well, i was gonna post on chicago riders if i don't get a response on here.
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post #7 of 44 (permalink) Old 06-08-2009, 09:12 PM
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Quote:
Originally Posted by taledarkside View Post
property, building, and inventory. dat is all I know.





well, i was gonna post on chicago riders if i don't get a response on here.
I've got a good deal for ya, give me every scrap of money you have then let me put a lein on everything you own, then I'll kick you really hard in the nuts. This will save you months of agony and sleepless nights.


Seriously there is grant money out there, if you have good credit and do a ton of research write a great business plan and then sell the shit out of it to family and friends to put together some cash. Then you may be able to find a bank that will do an SBA loan for you. If you are talented and ambitious and work really hard in like 10 years you may be making some $$$$ well that is if they don't tax you out of existence. Check out SCORE to get started.
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post #8 of 44 (permalink) Old 06-08-2009, 09:23 PM
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Originally Posted by Dirtbiker View Post
Lulz.


Why wouldn't they give you money? That's what they do.


I thought we give the money and their job is to lose it...




AND ITS GONE!
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post #9 of 44 (permalink) Old 06-08-2009, 10:40 PM
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post #10 of 44 (permalink) Old 06-08-2009, 10:47 PM
 
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post #11 of 44 (permalink) Old 06-09-2009, 07:36 AM
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Quote:
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property, building, and inventory. dat is all I know.
I think you should use a loan shark and miss a few payments.
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post #12 of 44 (permalink) Old 06-10-2010, 03:10 AM Thread Starter
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anyone wanna really help out

so my bank loan guy said he wants to see the paper work of the business, so he can tell me if he can get me a business loan, personal, unsecure whatever.

But getting the paper work is being a real issue with the realtor. Like they expect me to have the money in my hand. I'd like to see how well the business does and the monthly expenses.

I already signed a disclosure. I gave them my loan guys phone number and told him to talk to him.



Iz haz business, iz have CLSB bikini bike wash. iz deliver
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post #13 of 44 (permalink) Old 06-10-2010, 08:28 AM
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Coffeeguy has it right. You need to present a Business Plan and sell it to the loan guy. He has to believe that you will be successful before yu will get a loan.

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post #14 of 44 (permalink) Old 06-10-2010, 08:41 AM
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so youre trying to buy an existing business and havent asked for a P&L?
Good luck with this

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post #15 of 44 (permalink) Old 06-10-2010, 08:42 AM
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Coffeeguy has it right. You need to present a Business Plan and sell it to the loan guy. He has to believe that you will be successful before yu will get a loan.
Chances of that.. 0

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post #16 of 44 (permalink) Old 06-10-2010, 08:54 AM
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Why do you want to buy a business
A) you know nothing about
B) wont give you documents explaining operating margins, assets, P&L, etc

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post #17 of 44 (permalink) Old 06-10-2010, 09:30 AM Thread Starter
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Why do you want to buy a business
A) you know nothing about
B) wont give you documents explaining operating margins, assets, P&L, etc

I signed a disclosure to get the information, but the real estate agent that represents the business are douchbags.


I'm not trying to buy it right NOW. I like to get the paper work first, and thats my main obstacle. I need to know the taxes, utilities, employee wages etc....

I'll see what the email says from the real estate if he replies back in non "cap letters" The real estate company wants you to buy it first, then get the paper work
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post #18 of 44 (permalink) Old 06-10-2010, 09:38 AM
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property, building, and inventory. dat is all I know.




A field , a shack and weed ?

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post #19 of 44 (permalink) Old 06-10-2010, 09:47 AM
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post #20 of 44 (permalink) Old 06-10-2010, 09:48 AM
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Is the real estate office located in Nigeria? If so, go for it. Sounds like it's on the up and up.

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post #21 of 44 (permalink) Old 06-10-2010, 10:23 AM
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post #22 of 44 (permalink) Old 06-10-2010, 10:26 AM
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Quote:
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you should probably ask your vague, stupid, loaded question on a sportbike forum. That makes sense.
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post #23 of 44 (permalink) Old 06-10-2010, 11:02 AM
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Quote:
Originally Posted by taledarkside View Post
anyone wanna really help out

so my bank loan guy said he wants to see the paper work of the business, so he can tell me if he can get me a business loan, personal, unsecure whatever.

But getting the paper work is being a real issue with the realtor. Like they expect me to have the money in my hand. I'd like to see how well the business does and the monthly expenses.

I already signed a disclosure. I gave them my loan guys phone number and told him to talk to him.



Iz haz business, iz have CLSB bikini bike wash. iz deliver

it took you one year from first posting this thread to get to this point?
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post #24 of 44 (permalink) Old 06-10-2010, 01:11 PM
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it took you one year from first posting this thread to get to this point?
Banks are slow.

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post #25 of 44 (permalink) Old 06-10-2010, 02:06 PM Thread Starter
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Quote:
Originally Posted by FiReBReTHa View Post
it took you one year from first posting this thread to get to this point?
the business was uber expensive, and I was looking around. And currently, the price of the business has dropped 75%. So I can afford putting up a down payment.

I'd rather take a year finding the right one, since I've looked at other businesses. Trying to find the best location.



real estate agency is located in dupage county.
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post #26 of 44 (permalink) Old 06-10-2010, 02:10 PM Thread Starter
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Quote:
THIS SALE NEEDS TO BE ALL CASH.
theres my reply in email from said real estate thats representing said business

even can't answer my questions
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post #27 of 44 (permalink) Old 06-10-2010, 02:21 PM
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Are you sure they are not out of Nigeria?

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post #28 of 44 (permalink) Old 06-10-2010, 02:24 PM
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Quote:
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theres my reply in email from said real estate thats representing said business

even can't answer my questions
Tell him you can have the cashiers check to him at midnight on Saturday night.

"When in doubt, use full throttle. It may not improve your situation, but it will end the suspense."
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post #29 of 44 (permalink) Old 06-10-2010, 02:25 PM Thread Starter
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i called a 630 phone number, they have a website, sent them a fax, etc...
they have other real estates for sale

I can't recall what douch i talked to on the phone, but he said i can only get an unsecure or a 2nd mortgage on the house.
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post #30 of 44 (permalink) Old 06-10-2010, 02:28 PM
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