Hello everyone!
I wanted to see if anybody has any insight on the current state of the economy and how it relates to financing. I’ve reached out to a few of the laundromat financing people mentioned in the podcasts but haven’t been able to connect with them yet. I’m sure they’re slammed and am hoping to hear back from them soon regarding getting into my first laundromat.
Do you find that financing is a lot harder in this economic environment? I’ve talked with some brokers who are saying that I would need to have a 50% down payment to qualify for financing some of the laundromats that they currently have. They also mention that it’s harder to finance more of the purchase due to numbers being affected by the pandemic. I’m not sure if this is just a shady broker tactic but in any case, I wanted to see if anybody had some input on what it takes to secure financing nowadays.
On another note, if anyone has any referrals to great laundromat business brokers or financing connections in the Los Angeles/Orange County area, I would love to connect with them.
Thanks!
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