SBA 504 LOAN

[Alex Alleva]

Ive recently come across a laundromat for sale that I am interested in buying. A elderly gentlemen had a stroke and could no longer run his 7 laundromats. A bit later he died and his wife or sister took them over. She could not maintain them and everything went downhill. She ended up passing away not to long ago and now everything is for sale. The laundromat I want is being sold with the building for 1.3million. I know thats a lot but I am in NY and real estate is not cheap.

I have been trying to figure out how I would fund this deal and see that SBA 504 loans may fit. Does anyone have experience with them? I know it will probably be hard since it is a cash Buisness but I hope the value of the building will help me secure a loan.

If anyone know of another type of loan to buy the Buisness and building please let me know. Thanks

[Michael Prout]

Alex,

I hope all is well. It has been three months since you posted this, and I am curious if you ever followed through on that deal? I also do CRE loans, as well as a fellow potential, laundromat owner. The company that I work with does SBA 504 loans and this sounds like something we can do. Let me know if you’re still interested in that deal.

Michael Prout

[Author]

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