Hello everyone. I am new here and am out of DFW Texas. Im looking forward to getting to know you and learning from you and ultimately being able to give back. On that note, I have a few questions that I am hoping someone can help me out with? I really appreciate it.
1. Who are you guys using for your loans, down payment, when you first bought your laundromat? I am talking to the major banks and they are not really confident on the type of loan I should be getting and I’m pretty sure its because of the lack of experience they have when it comes to coin laundromats.
2. Is it better to get a loan from the traditional methods, banks, sba, etc…, or is it better to try to do a owner finance?
– What types of rates have you been seeing and how long do you normally have these loans for?
3. Is it possible to be able to own a laundromat with zero out of pocket?
Personal note, please free to add in what I am NOT asking that I should be asking. I am new to the Laundromat business and my goal is to purchase one by the end of this year. Thank you very much.
Best regards, Richard