[dweymer]

I am looking for a 500k loan to buy part of my families business. We have been in this industry for 20 years. If anyone knows anyone, please let me know.

Thanks,
D

[BlackTalon]

most lenders wil not accept 944s as collateral

Good luck with this -- sounds like a good opportunity!

[RedOctober]

It doesn't happen to involve rebuilding 944 motors does it? Probably a GREAT biz to be in if so......

[HoodPin]

Originally Posted by dweymer

I am looking for a 500k loan to buy part of my families business. We have been in this industry for 20 years. If anyone knows anyone, please let me know.

Thanks,
D

Why not just have whichever cousin you're buying out to loan it back to you?

[dweymer]

Funny, but nope.

[Lupin..the..3rd]

Originally Posted by RedOctober

It doesn't happen to involve rebuilding 944 motors does it?

I hope not, I've had boners that last longer than his engines.

[Potomac-Greg]

Donnie:

If it's a personal loan to fund one individual buying out the other, then the only collateral that a bank can have is, (1) whatever assets the individual buyer has, and (2) the XX% ownership in the business that they are funding. Banks will not put much value on a non-controlling percentage of a private business since their ability to sell that percentage is virtually nil. So it comes down to personal assets.

OR the person selling you their piece of the business does their own financing, taking $20% down, and the rest payable over time. As collateral, you pledge the ownership that you bought.

[dweymer]

Originally Posted by Lupin..the..3rd

I hope not, I've had boners that last longer than his engines.

Dude,

ALL my engines have lasted more than 90 seconds....

[tdatk]

Originally Posted by Lupin..the..3rd

I hope not, I've had boners that last longer than his engines.

You should talk to you Dr about those conditions. (saw that on TV) Or maybe an Optometrist if self inflicted.

Is it a profitable business. and do you need silent partners? Dorki group buy!

[dweymer]

Originally Posted by Potomac-Greg

Donnie:

If it's a personal loan to fund one individual buying out the other, then the only collateral that a bank can have is, (1) whatever assets the individual buyer has, and (2) the XX% ownership in the business that they are funding. Banks will not put much value on a non-controlling percentage of a private business since their ability to sell that percentage is virtually nil. So it comes down to personal assets.

OR the person selling you their piece of the business does their own financing, taking $20% down, and the rest payable over time. As collateral, you pledge the ownership that you bought.

It is controlling interest, and the main asset, valued at 1.5m is in house developed software, which provides 100% of the revenue through licensing and management fees. And this is why I am looking for a non-bank lender.