The owner of the business (small hotel) I’ve worked for for the past few years is looking to sell. I’m interested.

How hard would it be to get a loan for 270k to put a down payment towards a ‘lease-to-own’ business? I have 30k to put down on the loan. Is a loan like this impossible, do I need investors?

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In total for he business, she wants around 5 million (+ interest), with 300k down and 10 year lease-to-own to pay back the remaining balance.

The business has been around 20+ years and is successful. Last year the net income was just shy of 1 $1million (very good year), but on average is 700k/year.

I’ve owned/operated a VERY VERY small LLC for 2 years, and currently work for the company I want to buy and have worked most of the roles there, but not a manager role. I would be owning/managing it if purchased. I have excellent credit (800+) and have about 30k in government student loans which I am in good standing. I have a Masters degree in STEM, but nothing in a business related field.

I’m currently paid under the table and report a lower income then I actually make.

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Would any lender (maybe through SBA 7a?) lend me money to put a down payment on the business? If not, what variables can I change to make it more likely. If I can put more than 30k is it more likely?

Thanks in advance.

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  • nova9001@alien.topBEnglish
    1·
    10 months ago

    Excellent credit doesn’t mean much when you have low income. And you also have a student loan on hand. I don’t think its possible to get a 270k loan.

    Looking for outside investors likely would not work either. Your story sounds really shady like being paid under the table. How do you want to explain this part to anyone? Is the business even legitimate?