Laundromat Resource Forums Financing SBA Loan

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    • #5757
      Edlyn
      Participant

      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!!

    • #6431
      Liam O’Hara
      Participant

      Well one way to show that you are serious is to submit an LOI. If you are serious maybe you could put some money down with the LOI to tie the deal up for a while. Seems reasonable.

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Laundromat Resource Forums Financing SBA Loan