Looking for hard money for 6-12 months just to get in the door. We are willing to make interest only payments until we refinance the loan. Maximum time we will need to refinance will be 12 months. The business is listed for sale for $220,000 + $15,000 for inventory.
We are looking to purchase a well known bar and grill in. This business has successfully been in business since the 1980s and sits very closely to 2 Air Force bases and on the corner of a busy intersection. It is one of 9 businesses in a strip mall that includes a Chinese restaurant, liquor store, pawn shop, and salon to name a few. ts well known within the city and is a very popular place for lunch, dinner, weekend breakfast and for watching all sporting events. The current owner has cancer is running the business absentee for the last 2 years. This business has huge potential with present and working owners, the numbers tightened up and some good marketing set up. As of right now the restaurant is grossing $106,000 a month. We are asking for $250,000 to $300,00 or anything close to that to make this purchase. The restaurant needs some love so that is why we are asking for some additional working capital ie: TV's, flooring and some bathroom repairs.
I have financials available for both potential new owners and the business and pictures for anyone interested.
We currently own a real estate company with just the 2 of us. I have been in the real estate industry since May of 1995. I have managed mortgage offices, retail lending for a bank, property management, managed a builder sales team and opened our current real estate office in May of 2020 and still made $100k in the middle of a pandemic while on restrictions in the state of Colorado. In 2021 our real estate office gross $205,000 and our personal net was a combined $143,000.
My partner grew up in the restaurant industry with his father being executive chef. His family owned a restaurant in the Caribbean and Ian has been the part of opening up 4 bars and restaurants in the state of Colorado. He started bartending, working in the kitchen, ordering, managing, managing a hotel and working every position in restaurant operation in the last 20 years. His father is currently retired but still volunteers in various kitchens across Colorado Springs. He will be present and will be a part of this business. Ian is on the title to his parents home so his parents have agreed to allow us to use the $300,000 equity in their home to secure this purchase.
We own real estate with a value of $535k but only have about 50k in equity.
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