Buying an existing business funding question.
by kaysmama19, Window Shopper
- Created: November 18, 2013, 12:40 pm
- Updated: November 18, 2013, 12:41 pm
Hey everyone. I've been browsing the forums for a few days and finally have my own personal question to ask. Hopefully someone can help. My husband is currently being med boarded from the Army. We are going to be buying my current employers business. He's ready to retire and wants to give it to someone he knows will take care of it. My question is in regards to an actual business loan. We figure to buy the company Including start up costs we would need roughly 200k. My boss currently owns all the equipment which will be ours. I know that sometimes you need some sort of collateral to have a loan above a certain amount. We don't own a home just yet so we don't have any personal assets. Although the equipment for the company isn't in our name...once we have the loan it will be for a total of about 100k in service trucks, chippers etc. Since these come with the company and we will own them outright...will that suffice for collateral or will the lender need some thing else? I hope that makes sense.
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