HELP/ I鈥檓 a Canadian trying to buy an existing business in the states?

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I鈥檓 a Canadian trying to buy an existing business in the states (GYM). The business cost $500,000 and has over $200,000 of equipment. I have $300,000 but I can鈥檛 get a loan from my bank for the differents because they don鈥檛 want me going to the States. Does anyone know what to do? I鈥檓 going to try the Bank of America but I doubt they will even talk to me because I鈥檓 not an American. Please anything will help 鈥淚 can鈥檛 take another cold winter up here!!! Thank you

HELP/ I鈥檓 a Canadian trying to buy an existing business in the states?

A good Financial Adviser or Broker would know exactly what to do! That is what you would be paying them for. They can find the banks or venture capitalists if necessary to raise the money needed.

It would truly depend where the business is located. Some banks would love that deal, others would run from it. A local bank vested in the local community might certainly give serious consideration to this type of loan. Also a balloon payment down the road is another consideration.

Perhaps the seller of the business would carry some paper by accept payments. If they wanted to sell it bad enough they would. Since you are putting over 50% down in cash, I am surprised that you cannot get any bank to consider it. The B of A is a good International Bank to deal with though.

If you have $200K of assets then you would have a secured loan. That should be easier than an unsecured loan. While it is hard to get loans from a bank for a business you are new to, it is not impossible. Just be prepared to pay a higher interest rate.

What you really need is a US Citizen as a partner! That would work!

HELP/ I鈥檓 a Canadian trying to buy an existing business in the states?

For $300K - you can start your own gym - in fact - you could open 3 smaller 24/7 gyms with a minimum of equipment.

These are starting to make a major surge in popularity, and fit well in the shopping center and strip mall scene.

HELP/ I鈥檓 a Canadian trying to buy an existing business in the states?

Why the problem??? Aren't you going thru a business broker or agent. That's his job to arrange financing.

HELP/ I鈥檓 a Canadian trying to buy an existing business in the states?

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