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I know Commercial Lenders usually like to see at least 20% down when writing a loan. But, is there any leeway in that area?

There is a business We(DW & I) are interested in purchasing, but there is no way we can scrounge up 20% in the short term. Depending on the final sale price, we would have approximately 12-17% in cash.

Another issue is that we have no other collateral. We still have 1.5 years left on our car, which we are keeping till it dies. We rent, so no collateral there. We have an e-fund that I don't want to touch. (6mo expenses) We have 1 IRA, & two 401(k)s that I really don't want to cash out of either.

Would a well written, organized Business Plan help matters? Is there any advantage of working with my local SBDC or SCORE with this situation?

Any suggestions from the Peanut Gallery? :)



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