Catty1
07-09-2009, 06:27 PM
The Creator knows what the plan is, and I am cool with that.
My partner and I put an offer in on a historic and well-established restaurant in my town, and the offer was accepted. We scraped together most of the deposit - the current owner has known me for years and I him, and he wants us to get it (my partner works there).
Norm pulled a lot of all-nighters (literally) doing a great business plan. We had to apply for a Community Futures loan, as neither of us can even be classified as lower middle class in terms of income...I think you know what that is like! ;):love:
Anyway, the loan was refused because two other restaurants had defaulted on their loans. Also, I was a minority shareholder - but in order to process the app, they had to up ME to 80%, and then refused the loan also because I wouldn't be the most actively involved in the place! :rolleyes:
So...we can reapply with an investor, I have put some feelers out. Norm has already started applications for Aboriginal funding, and we have a meeting set up with a really excellent contact...but this is after the conditions expire.
So...something may materialize by the 14th; the biz will go back on the market. This is ok, but this is the type of small-town fixture that you don't want just ANYONE to buy. It has been very profitable before and will be again.
And it would have been a bit of a lift, half a level up in life, a lot of work...
Anyway, would appreciate good thoughts, vibes and prayers.
thanks:love:
My partner and I put an offer in on a historic and well-established restaurant in my town, and the offer was accepted. We scraped together most of the deposit - the current owner has known me for years and I him, and he wants us to get it (my partner works there).
Norm pulled a lot of all-nighters (literally) doing a great business plan. We had to apply for a Community Futures loan, as neither of us can even be classified as lower middle class in terms of income...I think you know what that is like! ;):love:
Anyway, the loan was refused because two other restaurants had defaulted on their loans. Also, I was a minority shareholder - but in order to process the app, they had to up ME to 80%, and then refused the loan also because I wouldn't be the most actively involved in the place! :rolleyes:
So...we can reapply with an investor, I have put some feelers out. Norm has already started applications for Aboriginal funding, and we have a meeting set up with a really excellent contact...but this is after the conditions expire.
So...something may materialize by the 14th; the biz will go back on the market. This is ok, but this is the type of small-town fixture that you don't want just ANYONE to buy. It has been very profitable before and will be again.
And it would have been a bit of a lift, half a level up in life, a lot of work...
Anyway, would appreciate good thoughts, vibes and prayers.
thanks:love: