Refinance for buyout
by lisav, Window Shopper
- Created: July 23, 2009, 11:32 am
Right now have an LLC with my brother and I as 50/50 owners. The way we worked it, in wording we are 50/50 of the LLC. Intent he originally injected more finances because I would be spending all the time at the store. It is a franchise restaurant. I am in the process of now wanting to buy him out. The bank which currently has our loan does not want to work in restaurant loans. Loan amount is right around $220,000 - Store inventory value is right at $239,000. I gave up my 6 income salary to run the store so only have my small pay from store. however, right now we are running at a profit (small, but still profit) - we are up 13% from previous year. Since about the 2nd month the store was able to make its loan payment with no additional funds put in by us.
Are most banks willing to put the lien on the store. I am looking at my possible chance of getting the finance in just my name. Currently it is in both our names and is secured by equity in his home, my home, our condo and us having jobs outside the store.
What is the best avenue for me to pursue?
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