Bill Melton
Niceville, FL (USA)
Role(s):
Founder/Owner/Principal
Diverse Management LLC
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Startup
Location:
Niceville
Industry:
Food Service/Restaurant
Year Founded:
2011
Number Employees:
1-10 people
Business Stage:
Growth (profitable)
Entity Type:
Limited Liability Company
Description:
We are trying to purchase an existing Restaurant/Bar that has about a 7% average annual growth grossing nearly 2mil in 2010 (2011 already positioned to exceed 2010).
We have enough collateral plus 15% cash down, however, because of the industry, the lending institutions require 30-35% cash down to approve the loan.
We are looking for a loan to double our cash down within the following parameters:
$125,000.00 - $150,000.00 @10% 5 yr amortization ($2655.88 - $3187.06 Monthly) PLUS @5% of net profit paid Qtrly until loan paid off with no penalty for early pay-off.
Unless, someone offers to fund the entire $800 K loan without the bank, We will entertain that as well.
So we do not waste each other's time;
1. I am NOT interested in a "Loan Broker"
2. I am NOT going to pay a "fee" for the chance at a loan.
3. I am only interested in dealing with someone who has the authority to make the decisions on approving the loan.
This is a legitimate business purchase that is being looked at by others, so I have limited time to come up with the additional down payment or full loan with what I have already.
This Restaurant / Sports Bar has been in business for 5 years and is steadily increasing in growth.
It is in an awesome resort/local HIGH TRAFFIC area in the panhandle of Florida bringing in a gross of $125,000.00 to $190,000.00 a month.
I have done all the due diligence on the financials and the banks are impressed as well, however, the market has dropped on lending for this industry without the loan being fully collateralized.
This is a time sensitive request, closing needs to be 30-45 days, so if you can assist, I would be more than grateful, if not, no worries.