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Old 7th January 2012, 09:14 PM   #1
pclonghi
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Default Want To Buy A Business

hey guys. . .newbie here. . .I was offered an Ice Cream Shop today in a very desirable location. The woman is leaving the country to be with ailing parents in the UK. This is a true turnkey situation. Only thing I will need is Ice Cream. All equipment is included in the sale. She is asking 20K and will finance 10K with 10K down. My family has seen it and decided its something we want to pursue. My wife and I will stay working and run it on the weekends and my adult children will share duties during the week. My question to all here is this, where can I go to borrow at least the 10K. I have little equity in my home and paid cash for college for the kids so savings in minimal. 401K ? Im not a fan of bleeding that with sinking returns on it but if its the last resort I might. Do banks loan for a situation like this or is lending still super tight ?

Any help would be greatly appreciated.

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Old 9th January 2012, 09:38 AM   #2
EricB
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I would recommend never touching your 401(K) unless you are retired and using it for its intended purpose. You'll get it with penalty's and have to pay taxes on that money if you don't. With that said you could also try looking at some peer lending clubs for a loan. For example, http://www.lendingclub.com/ is one I've heard of that will loan you money. I would consider talking to a financial advisor about it though before making the decision to buy the shop and then how to finance it.

Also, your projected ROI could determine the likelihood of a loan as well.

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Old 8th April 2012, 10:33 PM   #3
cfoservices
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Default Here is what some banks are doing

I heard some banks are doing the following:

On situations like your ice cream shop some banks would consider buying the equipment and leasing it back to you. Now the equipment has to be worth the $10,000 you need.

It could be a rare bank that does it, but I have talked with some bankers and some banks are doing this.

You may also want to consider asking a leasing company if they would buy the equipment and lease it back to you.

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