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Reefsalot
12-31-2014, 03:11 PM
Good day I'm trying to buy a business that's is existing , how ever having a hard time finding a loan and using my company info because I have not done anything with my small business. My main question is can I use the company I'm trying to buy info such as yearly income and projected income ?

Fulcrum
12-31-2014, 10:26 PM
You will have to use the financials of the business you are buying, going back at least 3 years, to prove both the viability of the model and that the business has the capability to cover loan costs (as well as all real estate and FFE for security).

Unfortunately, if you're putting up less than 40-50% cash (not borrowed from friends/family) as a down payment, the odds are against you receiving a loan from a traditional source. You would be better suited to get the current seller of the business to finance the sale.

smallbizfinancier
01-08-2015, 05:07 PM
There are many small business funding sources out there that will extend financing to you. Have you tried speaking with a cash flow lender like OnDeck Capital? You could also contact Bank of Cardiff (Bank of Cardiff | Bank of Cardiff (http://www.bankofcardiff.com)). Both lenders provide acquisition financing. Both of the aforementioned lenders care not about what you plan to use the financing for. The loans are based on the cash flow from your existing business. If revenues are high, you can usually borrow up to 15% of top line.

PS. I couldn't tell what country you're located in. Bank of Cardiff | Bank of Cardiff (http://www.bankofcardiff.com) offers acquisition financing for US companies, while OnDeck Capital (www.ondeckcapital) offers financing in both Canada, US and is also making inroads into Australia.

Good luck!