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Looking for Finance to buy Liquor Store. Have 80% need only 20%.

I am planning to buy a liquor store in NY. I have 80% of the total amount and only need 20% of the total amount asked by the seller. Please guide me on best possible way to finance this amount. Are there any banks still lending.

T Patel

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Answers (8)
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7 hours ago
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funny this is one year old.

Jul 14, 2010
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Kings County, NY

Have you considered getting a partner and/or investor to front the remainder 20%?

Jun 11, 2010
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Well if you are looking for banks,lenders. Start with local banks,lenders. Did you already meet with the bank that holds your accounts? Well you can find local area lenders,banks in your phone book,google search or contact SBA. I wouldn't buy a business where the owner wasn't willing to budge with any owner financing. A business loan will probably cost you more down the road than owner financing. But if you want to continue then some lenders,SBA lenders or banks might be willing to give you a business loan since you have most of the funds available.

Jul 29, 2009
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With 80% of the asking seller is not willing to take that ,and he finance the 20% or take a promissary note due

Jul 20, 2009
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Seller is willing to finance the inventory, but not any amount asked for the business.
Total is around 300K + Inventory. He is not willing to finance any thing out of 300K.

Jul 20, 2009
James Parker
Boss Group International, LLC
Lake County, FL

Yes, Peter is right-- you should be able to get owner financincing for the remainder. Seller's need to realize that people are having a hard if not iompossible time getting loans. If the seller wants to sell they should finance the other 20%!!!!!

Jul 20, 2009
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How to Buy a Business

Are you saying that you are putting 100% down at closing? Did you not ask for some seller financing? Seller financing is pretty much a given. And when you consider that it's a buyer's market, you should have gone for as much as possible.

Jul 20, 2009