Financing Options

Financing Options

Creative and Innovative Ways to Get the Money You Need to Close the Deal

First Up – Convention Bank Loan. 

As a buyer, if you hold a strong financial position, this is a streamlined way to get you financing. After the details of the agreement are settled, you apply for your bank loan, and the deal is completed.

Second in Line – Hard money Lenders. 

These loans are usually issued by private investors or companies. Expect the Interest rate to be much higher and the term a shorter amount of time.

Thirdly -The Small Business Administration states on its website: “You can use the SBA 7(a) loan to help you cover the expenses associated with buying an existing business. Buying a business that’s already established could allow you to walk into work with customers, employees, and inventory from day one. But you still need capital to buy an existing business, and if you can’t get a traditional small business or personal loan, consider a loan backed by the Small Business Administration, which could allow you to purchase an existing business.” You can read more about the SBA can help here.

Rounding the corner in 4th place – The Seller Themselves can help. 

After you secured as much of the money needed to close your deal through already discussed options. The seller can get you across the finish line by holding a note for the last portion still outstanding.

Lastly – Your family members and trusted friends. 

Obviously, there needs to be a lot of trust and we highly suggest a formal contract between all parties.