Posted on: 23rd Apr, 2009 08:01 pm
I have a chance to buy a home based business that generates roughly $170k EBITDA and the house that comes along with it. The seller is offering the business at $180k and the house at $500k. I would move into the house as my primary residence. Conservatively, I think I can get the business to double within 2 years as current owners have refused to hire employees to be able to scale. Labor is the bottleneck right now, and they have turned away customers to keep from being overworked. Seller will carry the note on the business, $180k. I have about $10k I can put in. I live in Washington state and currently have FICO of about 730 and $31200 wage. My husband has approx 690 FICO and $66000 wage. Current debt payments are $681. I am looking for a CREATIVE solution to this. Seller may be flexible, they are pretty motivated.
So in total $ 230K for the whole purchase Am I right??
Generally all the lenders do offer the loan for the purchase of the home, frankly not for the business !! Because they mortgage the house whereas they can't mortgage the business specially when it is a home business.
Your and your's husband's score is pretty well so surely you will get a good loan for the purchase of the home but for the business i doubt!
Keep in touch
Generally all the lenders do offer the loan for the purchase of the home, frankly not for the business !! Because they mortgage the house whereas they can't mortgage the business specially when it is a home business.
Your and your's husband's score is pretty well so surely you will get a good loan for the purchase of the home but for the business i doubt!
Keep in touch
230???????
when did 500 + 180 = 230?
truly, sometimes i think i'm in a parallel universe with some of the answers i see.
when did 500 + 180 = 230?
truly, sometimes i think i'm in a parallel universe with some of the answers i see.
Yea i noticed the same thing george hehe... The house is 500k correct? With your scores and income i see no problem getting a loan for the house. As far as the business im not so sure the bank will give you a loan for that.... You would have to seek a personnel loan or something like that..
I have to agree with George, I've heard of crunching the numbers, but come on...
George, do you think you could make this deal work? If so, I will have my husband give you a call.
George, do you think you could make this deal work? If so, I will have my husband give you a call.
honestly, no i don't think i've got a solution for you. thanks for asking, though.
I would like to buy something from manoj
i'm sure he could deliver clear title.