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Fitness Funding

rtsurferrtsurfer subscriber Posts: 1
edited May 2007 in Startup Funding
It has been a long time passion and dream to own and operate a co-ed fitness gym.
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    rtsurferrtsurfer subscriber Posts: 1
    In order to do the cash advance I would have to already own the business. Either borrow against the memberships or against the equipment from what I understand only the owner can do that.
    The curent owner will hold not for $100,000
    Leaves $199,000 to come up with.
    Equipment is around $180,000
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    rtsurferrtsurfer subscriber Posts: 1
    So assuming he gets an advance on the sales from credit cards or invoices which is around $340,000 in sales per year. (80% of customers are electronic payment) He would only be able to get the most of 70% of that which is $230,000. He said he could hold a note the remaining amount. Which is $69,000 ($299,000 purchase price) and I can pay that out over 3years at 9%.
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