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March 11, 2017 at 3:59 am #74841
This might be a stupid question but no matter how hard I look, I cannot seem to find an answer that makes me feel comfortable that I am taking the right steps. Any help or opinions are greatly appreciated.
This is my situation.
There is a bowling alley for sale in my town. Its been in business since 1986, was sold by the original owners (in their late 80’s) to a entertainment company 3 years ago, the entertainment company is not from this area and did not want to be really involved in developing the business, they wanted to just collect a paycheck, they rarely even show their faces there. Now they are looking to sell it, they were not looking for a company to put work into. So they listed it at $285,000, this also includes a 3 bedroom ranch style house that is on the property. All the equipment, building, house, liquor license, etc. is included in the price.
My husband and I are very interested in purchasing the property, both of our credit scores are in the mid 700’s, and we both have full time jobs. Unfortunately we only have about $18,000 cash on hand, and we do not own current home so no collateral either. I am worried that we will not be able to get a loan because we don’t have enough for %20-%30 down payment. We do not want to pass up this opportunity, but I would like an opinion from a professional. What sort of loan should I be looking for since I am buying the real estate as well as the existing business? Will I have any chance of qualifying for a loan without personal collateral? I’m going crazy, Help!!