Does anyone know a lender or investor that can help me with a start up loan with no resources and bad credit?

Question:

I do have my business plan. I got help with it from a member of SCORE from the SBA. I am trying to build a restaurant. Yes it is new. A building has come up for sale that would work to become established. I do not have the money to invest of my own. I need either a 100% start up loan or a combination of loans. A private investor or even a co-signer for future pay on considered investment. I don't how this could be done. I have some ideas but getting a lender to them is another story. If I could come up with some money, I might be able to get the owner to carry a portion. The building is on a 21,166 Sq. Ft. Paved corner lot. The building is a free standing 3,028 Sq Ft. Structure built in 1973. Yearly taxes are $5,315.00. It is anchored. Price $415,000.00. I am trying to get a $500,000.00 loan to remodel, equip, stock and get the place open with operating capital and a very small cushion to start making repayment. I do have experience in this as well as Management exp. from previous.

Answer:
I think your time would be best earning money and repairing credit for now. Not bank is going to finance you 100%, and a personal investor is going to want some collateral. Put yourself you their shoes, would you invest in a company the owner has not stake in himself? Especially a risky small business like a restaraunt?

I am in the same position as you are, and I have about 40K left to go before I can launch. Instead of wasting time trying to start now, spend the next couple months working as hard as you can to gain capital to invest. Not only will you have money to invest, potential investors will take your initaitive into consideration as well.

Good Luck. Restaurants are pretty risky. A restaurant supply distributor would be much more attractive to a potential investor. I'm not sure what financial institutions are in your area, but if they have any of these, try them. Security finance, World finance, or Sun loan. Security doesn't use your credit history, just some household items for collateral. Keep trying. Persistence! Persistence! Persistence!

I love your passion. I love that you are willing to stick you head above the crowd. Your the person I am looking for or you know the person I am looking for. My wife and I would like to invite you to run together on an adventure of success, freedom and fun. What do you say?

nop but good look.

Does anyone know a lender or investor that can help me with a start up loan with no resources and bad credit?

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