NEW ENGLAND RESTAURANT BROKERS
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WHERE WILL YOU GET THE DOWN PAYMENT?



When you have found the business you want, the business that can make you $100K plus per year, but do not have the down payment, consider these short-term options. With a profitable business you should be able to pay back (or replace) the borrowed money in a reasonable time period:



1.     Borrow from family and friends Usually willing to help and offer to pay them a higher interest rate than what they can get in a bank 7%.

 

2.     Sell some of your investment liquidate your 401k or 403b account. Bust into your CD, that is your cash use it.

 

3.     Cash in your whole life insurance policy  Use the cash value, replace with cheaper term insurance.

 

4.     Tap your IRA  Penalties greatly offset by net profit of business.

 

5.     SBA-guaranteed bank loan If you have good credit, own a home that has equity, have management experience, and the business has decent financial records and tax returns, this could be a viable source.

 

6.     Take out a home-equity line of credit Tax deductible advantage.

 

7.     Do a cash-out mortgage refinancing up to 90% of home value.

 

8.     Sell some hard assets gold jewelry, coin collection, etc.

 

9.     Do a reverse mortgage over 62.6 you can get the best of loans.

 

10.  Ask your folks for a gift they can give you $12K each, tax free.

 

11.  Borrow from a stranger if you have good credit, these are good sources: Prosper.com, Lendingclub.com, Zopa.com.



                                                                                                   



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