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Getting started in storage building business?

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Old 10-02-2010, 05:31 AM   #1
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Getting started in storage building business?

Hey guys I was just wanting to throw this out there since I'm sure there's some business owners on this site. A friend of mine and myself are thinking about starting a storage building business, well buying one that's already established rather. I've found one but the pricetag is rather hefty but it seems well established. They're asking 1.5 million for it. With all of this being said, how do you go about getting a loan for that huge amount of money and what all does it entail to be able to get that loan? Once again I'm just throwing this out there to get some food for thought because it looks like it would be a great investment.
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Old 10-04-2010, 04:51 AM   #2
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Since it is a pre-existing business you should be able to ask for a copy of their financials and basic records for the last two or three years. These numbers will give you a good picture of what you are buying. If it is a business that is profiting enough to make the monthly payment then most any bank should be happy to take care of you. If the business is having a hard time making it, showing a decline in its customer base, or flat out loosing money then your going to have a harder time to get a loan.
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