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

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#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.

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