Short term capital/bridge funding

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June 02, 2020

by a searcher from University of San Francisco in San Francisco, CA, USA

Finalizing an LOI with sellers to purchase a very healthy retail business( approx. 22% ebitda on top-line) in a small, but strong community.

Due to the Covid-19 crisis among other issues my partner has decided to pull out of the deal.

I have been pre-approved for an SBA loan and am committing 25% of the down payment personally- does anyone have any recommendations on short term lending/funding? Looking for $150,000

*Purchase does not include real estate.

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Reply by a searcher
from University of Virginia in New York, NY, USA
If you are committing 25% equity and assuming the debt service coverage ratio makes sense you are probably working with the wrong lender. If you are light on the DSCR I would try to get a seller note on full standby to bridge the gap which the SBA likes to see regardless. Feel free to DM me with questions.
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Reply by a searcher
from Carleton University in Calgary, AB, Canada
I may know some investors who would have interest in this type of situation (either equity or bridge, or a combination). Feel free to email me: redacted
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