I will be buying a business in about 6 months. The cost is $150K. I will need a loan for it and am wondering about how much will be needed to put down. I will have about $8-$10 thousand to put down on it. Will I need more, my wife and us both have excellent credit scores, and I can borrow more money to put down. The business will gross $180K and I will net $85K. How will all of this look when I go to the bank?
I’m sure there are a few people online who are legit, but I will not get a $150K loan over the internet, I will go with a local bank.