Here Is The Layout.
299k Purchase price.
-108k Assumed note
-100k Seller note
-50k Investor funds
-41k My Partner and I personal funds
That covers the purchase price.
The note holder for the original loan would not take a second postion to the bank and we no longer have time to fool with the bank so we just arranged the deal this way. The problem is the 41K, that my partner and I put in, seriously erroded our working capital. We would like to take on a partner (silent or not) that is willing to be bought out when the time is right. Time is of the essence we close on Monday the 21st and we are scheduled to be open on the 27th. This is a restaurant in the Louisville Kentucky area that does, verifiable, 895k dollars gross per year not including the cash that is obviously done on the side with this business. Any help is appreciated we are approaching desperate at this point.
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