Hi guys. Need your wisdom and advice. A friend is selling his business and moving back to the US reluctantly (family reasons). The business is well established and has been in existence for 10 years. The audited financials are rock solid. He is offering the business to me to buy. The price he's asking would allow me to break even after 8 months (ie. Pay off the entire cost of purchase!). He is a good friend but needs the entire amount before he leaves because he is buying another business back home. Its a great opportunity and I'm very familiar with the business as it's in my field. What's my best way to secure financing for purchase?
I have a steady salary job paying around $40k per month. I dont own a place but live at family home so rent is negligible (aka freeloading).
I would be willing to pay even a higher borrowing rate because this opportunity is so solid. Please geo you're my only hope
If someone can recommend a place that will approve a loan for me (not named Big Tony or Sal) and it works out, night of drinks on me!