New girl from South Jersey in need of advice!

[Stacy Carlucci]

Hi Everyone! I am in the process of buying a bar in South Jersey and hit a big brick wall yesterday....

Here are the cliff notes;

I made an offer in November on a bar (real estate {with 3 apartments} and liquor license) and my offer was accepted. The bank that I was dealing with obviously required all the P&L's, tax returns, and other financial documents from the sellers side of which they finally obliged a couple weeks ago. Once the bank had all the information they said everything was good on my end but they were unable to write the loan because of the cash flow issues on the business end. The banker actually advised me to try finding a private cash lender, that was a shock to hear that coming from a banker!

Long story short; I don't know much about private lending and this seemed like a great place to get a little knowledge before I jump in head first.

I'm sorry if this is posted in the wrong section.

Any advice would be greatly appreciated!

Thanks in advance,
Stacy C