Loan Scenario - Purchase Bar & Grill

Who:

1.            Borrower has dreamed of owning a tavern
2.            Borrower is a bank branch manager
3.            Borrower has experience as a tavern chef
4.            Borrower rents a residence and has $125,000 in a bank account
5.            Borrower has very good credit

What:

1.            Tavern went out of business
2.            Tavern leased its location
3.            All assets of the business are for sale and taking over the lease
4.            Purchase price of assets is $400,000 dollars with an additional cost of $70,000                dollars for all other parts of the transaction.  Total $470,000.

Where: Dallas, TX

When:   Needs 60 day closing

How:    

1.            Borrower needs loan to include purchase of assets, purchase of liquor license and                renovation of the interior of the premises
2.            Borrower has negotiated the purchase price of the Seller’s assets
3.            Borrower will work with municipality to obtain the liquor license
4.            Borrower needs to research the cost of renovation

Decision:  Not Eligible for SBA Loan

Why:

1.            Borrower does not have required experience as a manager or owner in the                industry.
2.            Borrower does not have transferable skills any other transferable skills to                own a tavern
Eligibility Cure:

1.            Borrower can find a partner with the requisite experience.
2.            Partner will need to have a minimum of 5% ownership of the new company
3.            However, SBA Lender, Countrywide Standards is this Partner will have to fully                guarantee the loan. 

Call or email Joel Soforenko and go over your Loan Scenario
888-268-7778 x 2 or joel@southendcapital.com