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  • How can I finance a business purchase based off that businesses books? What type of lending institution is best for this?

    updated 2 weeks, 1 day ago 0 Member · 1 Post
  • Charles

    Member
    October 27, 2019 at 9:47 am

    Hi. This is my first post on here. So here goes, I currently am 100 percent owner of a car rental business for the past five years. The business brings in about 1.2 million as of last year with steady growth every year and this year on par for 1.35 million. I am in the same building as a car sales business that has been there for the past 20 years, great reputation and he makes good money each year between cash and his salary of about 250k. He shows 135k on the books and the difference +-115k in cash ( undeclared). He is looking for $365000.00 for the business and will stay on for the next 2 years to help with the transition for 60k on the books which I think is more than fair. I am putting down 65k in cash of my own and wanting to get a loan from the tax returns on the business for the other 300k. 1.Is this possible? 2. What if any lending institutions will do this, I have noticed when getting loans from my car rental company that they automatically tell me if I do sales that they do not give loans to car sales companies due to the high risk. 3.perhaps should I creat a holding company to house my car rental and sales from and get a loan on the holding company? Thank you for any and all advice! – by hq overview mortilangel – –

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