Still Looking for Financing

Financing, Hard Money Lenders, Private Money
1

"building purchase $550k
liqour license $200K
total $750K

amount needed $700K
Property is in Boston

building is leased currently to a nightclub/bar and is collecting $ 4000.00 a month and the lease is for 4 more years with a 5 year option taxes are 2800.00 a year on this property

I have my tax returns for the last 2 years and they show 39k a year
BUT my credit only shows 575-580 because of my divorce. I dont pay rent and I have no other payments except child support which is 960 a month

My current income is approx. 4500-5000 a month"

I dont know how to structure this deal.

Prerak Patel

2

You can get a loan up to 70% of the real estates value and have the seller finance the remaining 30%.

3

So that means they’ll do 70% of $550k right? So he’d have to get the seller to finance the entire $200k for the liquor license and 30% of $550k right?

4

$200K for a Liquor License??? ??? ???

5

EA

Some states have a limit on how many liquor licenses they will issue. So people in those states have to go to someone with an existing liquor license and purchase it. It can be very expensive.