Nooch
30th December 2009, 22:02
Hey everyone. Alittle background first. I am 24 years old and still live at home with my family. I currently own a plant / nursery business which nets about $150,000 a year with my brother. I have currently about 50k and have a 720 credit score.
I recently saw a new shopping center being opened with about 20 store fronts. It is located on a prime piece of real estate, off a main road, with heavy traffic. It is surrounded by tons of jobs, as well as residential, I feel that my lunch crowd alone would be able to keep me in business.
I have been doing alot of research, speaking to other similar restaurant owners who are close family friends of mine and they have given me invaluable advice. After gathering information, I feel I will need about 400k to get this started. I know the bank will not lend me that, but what are some other ways do you think I can go about it? My parents do not want to "give" me the money. But they will help as far as co-signing a loan, or whatever else there is to do?(suggestions?) They are retired, and own two houses and a condo. They have no mortgage on any of them. Houses both are about 500-600k and the condo is about 300k.
I guess my question is do any of you know the best ways about going about this? Can my parents even get a loan to co-sign for that much money? If you have any suggestions or a couple of options that may be helpful I'd greatly appreciate it. Thank you and hope you all have a happy new year.
I recently saw a new shopping center being opened with about 20 store fronts. It is located on a prime piece of real estate, off a main road, with heavy traffic. It is surrounded by tons of jobs, as well as residential, I feel that my lunch crowd alone would be able to keep me in business.
I have been doing alot of research, speaking to other similar restaurant owners who are close family friends of mine and they have given me invaluable advice. After gathering information, I feel I will need about 400k to get this started. I know the bank will not lend me that, but what are some other ways do you think I can go about it? My parents do not want to "give" me the money. But they will help as far as co-signing a loan, or whatever else there is to do?(suggestions?) They are retired, and own two houses and a condo. They have no mortgage on any of them. Houses both are about 500-600k and the condo is about 300k.
I guess my question is do any of you know the best ways about going about this? Can my parents even get a loan to co-sign for that much money? If you have any suggestions or a couple of options that may be helpful I'd greatly appreciate it. Thank you and hope you all have a happy new year.