Laundromat Resource › Forums › Financing › Financing

last updated by Anonymous 2 years, 8 months ago
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    • January 29, 2021 at 1:06 pm #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

      • February 2, 2021 at 4:34 pm #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.

        • February 11, 2021 at 8:25 pm #3970
          Los Angeles-Orange County
          Participant

            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.

            • March 12, 2021 at 10:23 am #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