| Title: | Market Investing |
| Moderator: | 2155::michaud |
| Created: | Thu Jan 23 1992 |
| Last Modified: | Thu Jun 05 1997 |
| Last Successful Update: | Fri Jun 06 1997 |
| Number of topics: | 1060 |
| Total number of notes: | 10477 |
If I wanted to buy an existing business where would I;
o Start looking for a commercial loan? Business is
located in central NH.
o What are the common terms on a commerical loan?
o What is the going interest rates?
Thanks,
Randy
| T.R | Title | User | Personal Name | Date | Lines |
|---|---|---|---|---|---|
| 726.1 | JUPITR::MRICHFORD | Mon May 30 1994 09:35 | 9 | ||
Randy,
Your Sunday paper will have companys that do commercial loans.
Common term are a businiss plan, income of business over last three
years, apprasil of building and contents. The going rate is 2 or 3%
over prime.
Hope I could help
Mike
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| 726.2 | A couple of pointers | SFC01::GREENE | CASE: No Pain, No Gain! | Tue May 31 1994 15:05 | 10 |
Two suggestions:
1. Try the library. You'll find a great number of books on writing
business plans, finding capital, etc.
2. Don't forget Uncle Sam: Contact the Small Business Administration.
Dave
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| 726.3 | No EASY and QUICK Solution here | POBOX::PATEL | Wed Jun 01 1994 02:18 | 20 | |
Interest rates are high for commercial business-operation loans.
As I know it through some friends who have bought businesses, it is
tough to get loans unless your own down payment (i.e the risk that the
owner is taking) is comparitively much larger than the amount
requested.
Take a look at your own Home Equity which is what my friend did since
the rates were much lower PLUS they were very likely tax deductible.
Any the pay-off rate can be decided totally by that rate at which you
make money.
If you are buying an existing franchise, then the "franchisor" MIGHT
HAVE "ALLIANCES" built with lending firms (banks and non-banks) that
can provide some help + provide the loan for an amount that does not
have a corresponding colatteral in the business.
That's my 3 cents on your question.
Ken
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