Financing a Planet Fitness Franchise Using SBA 7a Financing

Financing a Planet Fitness Franchise Using SBA 7a Financing

For more details on starting a Planet Fitness franchise using an SBA 7a loan, click here: https://sbaloans.blog/financing-a-planet-fitness-franchise-using-an-sba-7a-loan/

Hey Beau,

I'm looking at purchasing a Planet Fitness franchise. What kind of financing options are there?

I'm looking to invest as little as possible, as I'm sure most people who call you are looking to do. My credit score is excellent.

The total project cost including the building out of the space we've identified is going to be 3.1 million dollars.

I was quoted by one bank that they'd finance up to 80 percent but I'm looking for 90. Is that possible for a startup like this?

I have industry experience however I've never owned a gym myself. I'm pretty far down the road as far as moving this forward. At this point I'm trying to nail down the financing before I sign the franchise agreement. Any help you can offer is appreciated.

Thanks,
Ian

Timestamps
[00:50] Beau’s team work with a lot of health clubs and fitness industry type of financing packages
[01:05] The best solution to finance a Planet Fitness franchise
[01:25] You need a minimum of 10% equity injection for a startup business
[01:42] Most banks on startups will do 80-85%
[01:52] Work with a bank that specializes in financing health clubs and fitness clubs
[02:03] Find the right bank that likes the franchise concept
[02:10] Some banks say “no”
[02:14] Guidelines say a minimum of 10% down
[02:18] “We finance up to 90% on these type of franchise startups”
[03:05] There are ways of bringing this equity in
[03:10] 90% is achievable on an established franchise concept in the healthcare industry
[03:47] Book a call at https://investorfinancingpodcast.com/rumble

If you'd like to ask me a question about real estate, do it here -- https://investorfinancingpodcast.com/ask

Are you looking for financing for a franchise you are buying or starting up? Book a discovery call with Beau to learn all the ways he can help you - https://sbaloans.blog/meeting

💥 Thanks for watching 💥
#franchisefinancing #franchisebusiness #PlanetFitnessFranchise

About Beau: Beau Eckstein is a real estate entrepreneur, TV personality, and commercial mortgage advisor, specializing in construction financing and multi-family lending.

🎥 The video interviews we do on IFP will help you scale your real estate business and learn how to finance your all your projects.

About the Channel: Want to structure your investments in the right and secure way?

Learn great insights and make the right decisions through the Investor Financing Podcast hosted by Beau Eckstein.