Hi! Looking to purchase my first laundromat but I am in a bit of a catch-22 situation.
In order to purchase an existing laundromat I am working with a local credit union to get an SBA loan. The seller’s preference is a cash offer but is entertaining other offers. I am looking for clarity on the following two points –
1) At what point do I loop in the seller about the way I intend to finance the acquisition (SBA loan)?
2) Since I don’t have a cash offer, are there other ways I can make my offer more enticing outside of offering to pay a premium?
I signed an NDA to get a summary of the business and high level financials but I have not yet made an offer. Are there ways I can show the seller I am serious without having to submit an offer?
If anyone is willing, I’d love to chat about your experience getting an SBA loan and what that process was like for you. I am happy to share what I’ve learned along the way as well. Thank you all!!
.
