Recently I finalized financing for my shop and I wanted most of you who are currently in the process to be aware of 2 major items; experience and collateral. We were face with these 2 major obstacles and it really made an impact on our ability to get a loan. The collateral bar has been raised HIGH, almost to 100% of the loan, this will make or break many of us. The experience side, well lets just say i had 6 years experience in the restuarant business (8 years ago) and it meant nothing to them. Beware of what your getting yourself into, when it comes down to it the bean counters are the final decision makers of your loan, so have all your espresso's in a row before your present the package.
I would suggest anyone adding to this, especially those that have had some experience with decent banks still willing to do 30-70 split when it comes to the down payment.
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