Loan for an existing 1-1/2 year old business with partners who have excellent credit score and one partner with short sale.
by rinkuchana, Window Shopper
- Created: December 12, 2013, 5:46 pm
- Updated: December 20, 2013, 1:24 pm
We are trying to get loan for existing business with two partners who have excellent credit score and one partner with short sale year and half ago but credit score still around 780. We can put 25% money down for this $4 million business. The business is probably 15-20 years old but the existing owner bought this business from previous owner almost year and half ago. This existing owner worked hard and turned around the business that was once in jeopardy (but still profitable). So the current financials are really strong but without long history. He is selling this business to us because he owns a lot more businesses and he wants to wrap it up now. And he is our close friend. Think we will qualify for SBA loan? All three potential partners are very well educated and have experience in the field. Thanks,
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