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Rick625
subscriber Posts: 1
I am looking to buy an existing fine dining restaurant that is located on top of a 101 unit high rise condominium. It is almost 7000 square feet in size. I have thoughts of subdividing it an putting a jazz/night club in and focus on attracting the 35 and over group. also part of the purchase is an 1055 square office space on the first floor, my thoughts are to turn that into a Cigar lounge. What I am looking for someone interested in investing or doing a short term loan for $1.5 to $200K for the 5% down on the Business loan. Once the business loan is complete down payment returned with interest or investing in the business with a convertable note.
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Do you have a source for a loan - once you have the down payment?
Is there a business structure in place to facilitate the above capital transactions?
Since your post says you are "thinking" about your target audience; I infer that you need to finalize your business model and plan - which will move you one step closer to being Capital Ready.
Thank you for your reply.
Once I do have the down payment or at least a conditional letter of agreement then I will approach the bank with the SBA but I also am looking into commercial lenders to see where I will get the best deal.
Yes there will be a business structure in place for these three businesses. The restaurant as it is now is owned by an LLC.
Sorry worded incorrectly. Adults 35 and over will be the target audience. I have my Business and Marketing Plan 95% complete (working on the financials now) and also starting to work on loan proposal.
Do you have any kind of deal in place with the present owner(s)?
What is the asking price?
Have you seen the financials?
mtrades,
I see you have posted the same "message" on several threads - which makes me want to know:
What is your relationship to breadstreet?
What are your thoughts on the likelyhood of being able to attract investors and/or obtaining a business loan for buying established restaurants in the state of the current economy? The plus side of the current economy is that it is a buyers market. I am currently reviewing three different restaurant businesses that are for sale, a fine dining, a seafood and casual dining. all currently gross $1M+ and are well known establishments. The casual restaurant the current owner is willing to carry back all of the financing with $100K down payment. The down payment I am looking to obtain possibly through an Angel Investor. The fine dining and casual are basically selling for land and building value, the seafood restaurant is a leased property with a 22 year lease. Sorry strayed away from the original question to give you some background.
Thanks
Rick
I`m not much of an "odds maker" - but I doubt that you will be able to walk into a bank and get a loan to buy a restaurant, since banks are not making loans right now. They haven`t been "big fans of the restaurant business for some time; so banks haven`t been a viable source of funds for restaurants except some NEW franchise purchases through an SBA type deal.
That said, I`m still confident that a solid opportunity that is well-prepared (Capital Ready) and properly presented to the right sources can get the capital.
If you`d like to discuss your specific situation - send me a PM