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Is it possible to buy a exisiting business with no cash down, but with great credit Type your question here...

I am planning on buying existing business (independent motel) and just looking for some answers to question I have. I know I am not ready, but if it is possible today to get a loan to purchase a business with no down payment, i might consider it. I have been working on my credit score for the past few years and now it's at a good standing (750+). I have also worked in this industry for about 10 years total, so I know what I am doing. However, I lack the knowledge in the finical area. So many terms, so many options, just confusing me.

I know that hotel/motel business need quite a bit of money so I am planning on saving money for it, but just looking to see if I can save this time without it. I have friends and family who is willing to provide about 10,000 - 25,000. But not enough for down payment for about 10%-20%.

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The BAF Group LLC
MD

Hitesh, I would never say never. But it would be extremely, extremely difficult, if not impossible to do. You may get the Seller to take a note for part of the down payment, to add to what your friends and family would be able to contribute. But the bank is going to want to see that you are taking some of the risk yourself, before it will provide you with any funds for purchase of this kind.

Please beware of people who say they can get you loans with no money down. Do not trust either their abilities or their intentions.

Mar 23, 2016

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