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I want to buy a small resort in NC. How do I get financing for such a venture?

What do I need to do to qualify for financing on this type of purchase?

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Answers (2)
Steven St
World Business Partners, Inc
Los Angeles County, CA

Everything Don said was spot on!!! But I would also look at market trends. In case you haven't heard there is a recession and its real and it could be very deep. Tax returns from even 3 years ago may not reflect where the market is trending. I don't know specifically about NC's market. But I do know the vacation and travel market is down nationwide.

But on to your question about financing - If you're going for bank financing you will need a rock solid business plan, platinum level credit and plenty of excess collateral just to even get them to look at your project.

Then you will need an A-plus management team of superstars to get them to believe your plan even has a chance. Money has really dried up (unless its direct gov't money).

A better bet may be to find a group of partners to fund your deal. If its a good deal money will come if its not you will know where its weak.

Hope this helps.

Apr 24, 2009
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The BAF Group LLC
MD

Is it operating or is this a development project? What is the Price? If it is an operating entity what is the Cash Flow? How much do you have to put down? Do you have three (3) years of Tax Returns on the Business? Over the past three (3) years, has the Revenue increased, decreased or stayed the same? Do you have experience in that kind of business? If not, how will you come by those skills and management capabilities? These are the kinds of questions that will be need to be answered. If you would like to call, I may be able to help a bit further. (410-715-0700)

Apr 21, 2009

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