What type of experience is needed for purchasing an existing restaurant?
Hey Beau,
I am looking at purchasing a restaurant that's been in business for well over 20 years. I don't have any restaurant experience, but I have owned my own small businesses over the last 25 years.
One banker I spoke to said his bank won't finance any restaurants unless the owner/buyer has experience in the restaurant industry.
Is there a "workaround" for this?
Thanks a bunch.
Patricia
Timestamps
[00:32] Every bank is going to overlay differently
[00:35] Some banks would not make your loan if you do not have restaurant experience
[00:56] We can surely find banks, and SBA participating lenders out there
[01:18] We have to build up the compensating factors
[01:24] What are the compensating factors?
[01:55] Beau’s team can bring your deal to the right bank or the non-bank lender to get things approved
[02:17] There are a lot of lenders that can utilize your compensating factors to approve the loan at the terms and leverage that you want
[02:22] 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 a real estate investor or business owner looking to expand? Book a discovery call with Beau to learn all the ways he can help you - https://investorfinancingpodcast.com/rumble
💥 Thanks for watching 💥
#restaurant #restaurants #restaurantbusiness
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.
-
3:30
Investor Financing Podcast
12 days agoWhat Are the Best Franchise Models for Semi-Absentee Business Owners
19 -
15:32
Winston Marshall
1 day agoHollywood’s DEAFENING Silence On Trump's Assassination Attempt
111K191 -
1:01:02
Lou Dobbs
17 hours agoRemembering The Great Lou Dobbs
110K231 -
3:10:02
Roseanne Barr
19 hours ago $62.22 earnedA Domestic Goddess and Domestic Terrorist walk into a bar | The Roseanne Barr Podcast #57
171K282 -
10:33
Space Ice
22 hours agoSteven Seagal's The Patriot Is So Bad It Revolutionized Medicine Forever - Worst Movie Ever
52.7K30 -
22:37
Degenerate Plays
19 hours agoI'm Looking Respectfully 👀 - Stellar Blade : Part 8
49.2K3 -
8:08
Film Threat
12 hours agoDEADPOOL & WOLVERINE FINAL TRAILER REACTION! | Film Threat Reactions!
60K16 -
12:06
GameLeap RAID Shadow Legends
20 hours ago8 RARE Champions You MUST MAX LEVEL - Raid: Shadow Legends Best Rares 2024
49.6K3 -
33:09
CarlCrusher
17 hours agoSHOCKING NEW Evidence Found Searching for Lost UFO In Search of the Nevada Skinwalker Portal
58.3K14 -
2:33:41
Crime Circus
18 hours agoINTERROGATION of SlCK KlLLER who Confesses!! SUCCESSFUL Police Interrogation!
41.4K11