I found what seems to be the perfect property for all my startup ideas, for so many reasons- and I don’t know how to fund it.
$295k in South Carolina
I have the paperwork filed for my business, and I have interested clients due to my current and previous jobs. Only thing is- I am not able to do the work.
It’s an automotive related business so I’m not sure how I can start the business without the commercial spot to do so. However, without the cash flow, income, and reserve assets, I am struggling to find a type of business loan that is made for this circumstance.
I don’t plan on doing anything major in terms of spending money on changing the building & shop that is currently there. It’ll work fine just the way it is. One of the reasons why I have my eye on it.
I very much appreciate your response. Finding an alternative means to funding is seemingly way over my head. So your comment is immensely helpful & informative. And somehow not overwhelming! Thank you so much. With that said, I understand why I’d need to prove the ability or cash flow to repay the loan. Is there a way to have a conversation/ the chance to explain your plans to the lenders? I wouldn’t be relying on one source of income. I’d like to use said property for my own business of course, and add to it a Uhaul rental (hookups included, as I will be on-site for my own business), rent 1 or 2 of the office rooms out, and parking space to other local businesses that are mostly mobile (home cleaning services, in home medical care or therapists, etc.) I expect the Uhaul income to cover the minimum monthly loan repayment by itself. I think I have a good plan- would you still be expecting loan rejections from all lenders even with a plan ready to go like I described?