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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.

Regards,
T Patel

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Answers (8)
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P B

funny this is one year old.

Jul 14, 2010
Terri Bollman-Wyzkoski
MainStreet Bank
Sr. Commercial Lender
Fairfax County, VA

Patel,
You're just the type of investor to whom banks want to lend. Why? Because you have resources available to contribute as owner injection to any project you purchase. You are in a position of strength.

Business Lending Solutions LLC (" BLS") can identify the most appropriate financing option for your financial scenario. We're a commercial loan broker firm that provides packaging and placement of loans on behalf of our clients nationwide. We are staffed with former commercial lenders who know how to structure loan requests and who know how to deal with banks to get the most favorable terms and conditions for you.

Furthermore, we enjoy existing relationships with banks and other lenders nationwide. We know their cultures, their interest (or non-interest) in particular industries, and their specific risk appetite. As a result, we are able to more quickly and efficiently identify the most appropriate lender.

We will act as advocate and counselor from the moment prior Purchase Agreement is inked and all the way to the closing table. We can even value a business so you know if the price you're paying is a discount or a premium. Check out of website and then give us a call while you search for the right business.

Terri B. Wyzkoski
Managing Member
Business Lending Solutions LLC
11654 Plaza America Drive #363
Reston, VA 20191
Twyzkoski@BusinessLendingSolutionsLLC.com
Direct: (703) 655-9939

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
WA

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

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