Hey SSers
Parents have been trying to secure a small business loan for a while and nothing is coming back! They are seeking approx 30-40k for the purchase of a restaurant (which also allows room for a repaint and a few minor additions)
The purchase price is well below replacement value (initial setup 400k, still valued conservatively at 100k) - hence loan is small, yet all lenders we've approached will only treat it as an unsecured loan and then for various reasons won't lend. Parents currently have required serviceability but will quit current jobs to operate this business and can show that the business can and will be profitable, they also have a strong history in the industry...but no love from the lenders...
would appreciate anyone's thoughts, other then grabbing a few credit cards and cash advancing??
Cheers
Josh
Parents have been trying to secure a small business loan for a while and nothing is coming back! They are seeking approx 30-40k for the purchase of a restaurant (which also allows room for a repaint and a few minor additions)
The purchase price is well below replacement value (initial setup 400k, still valued conservatively at 100k) - hence loan is small, yet all lenders we've approached will only treat it as an unsecured loan and then for various reasons won't lend. Parents currently have required serviceability but will quit current jobs to operate this business and can show that the business can and will be profitable, they also have a strong history in the industry...but no love from the lenders...
would appreciate anyone's thoughts, other then grabbing a few credit cards and cash advancing??
Cheers
Josh
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