Who:
1. Borrower has dreamed of owning a tavern
2. Borrower is a bank branch manager
3. Borrower has experience as a tavern chef
4. Borrower rents a residence and has $125,000 in a bank account
5. Borrower has very good credit
What:
1. Tavern went out of business
2. Tavern leased its location
3. All assets of the business are for sale and take over the lease
4. Purchase price of assets is $400,000 dollars with an additional
cost of $70,000 for all other parts of the transaction
Total $470,000.
Where: Dallas, TX
When: Needs 60 day closing
How:
1. Borrower needs loan to include purchase of assets, purchase of liquor license and renovation of the interior of the premises
2. Borrower has negotiated the purchase price of the Seller’s assets
3. Borrower will work with municipality to obtain the liquor license
4. Borrower needs to research the cost of renovation
Decision: Not Eligible for SBA Loan
Why:
1. Borrower does not have required experience as a manager or owner in the industry. As a chef, he did not have overall supervision of the restaurant.
2. Borrower does not have transferable skills any other transferable skills to own a tavern.
Eligibility Cure:
1. Borrower can find a partner with the requisite experience.
2. Partner will need to have a minimum of 5% ownership of the new company.
3. However, SBA Lender, Countrywide Standards is this Partner will have to fully guarantee the loan.
Call or email Joel Soforenko and go over your Business Purchase
617-336-3215 x 5
joel@continential.finance