Laundromat Resource Forums Financing Financing

last updated by Anonymous 8 months, 2 weeks ago
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3 replies
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    • #3652
      cornelia crenshaw
      Participant

      I am in the initial research phase to become a laundromat owner, and I would like to know when to contact a lender? Should I contact a lender during the initial research or after I locate a mat to purchase or site to build?

      Cornelia

    • #3683
      Ross Dodds
      Participant

      I’d say as long as you have good credit above a 650 FICO (not a plus score from Credit Karma, above 700 even better than I’d wait until you find something.
      If you want to purchase existing and retool.
      If you are talking about building.. that might be worth chatting with someone now… some SBA options might be available.
      Call and meet with 2-3 local equipment distributors in your area, they can be a great resource.

    • #3970

      I also am looking to buy a laundromat. I applied and was prequalified by two lenders. I did this for two reasons. One, to be able to assure sellers that I can close on the deal. Two, to save time when it comes to securing financing.

      • #4642
        Anonymous

        Where did you go for financing? i.e. the bank you use personally or other institutions?

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Laundromat Resource Forums Financing Financing