Private/Hard money for biz acquisition w/RE
I’m trying to buy a high cash flowing business that has not been effected by COVID. Real estate is valued at about $1M and business is worth about $700k. Cash flowing $300k/yr, even in 2020.
I have had 3 banks turn me down for a 7a loan because I also own a restaurant. Most banks now don’t want any involvement in any way with restaurants. Despite the fact that mine is doing fairly well, 83-88% of Q1 revenue.
Is there a private or hard money lender that will do a loan on the real estate with $100k down. The seller will finance the remainder.